• July 3, 2020

How do the 5AMLD changes affect you?

How do the 5AMLD changes affect you?

How do the 5AMLD changes affect you? 1080 608 Data Zoo

It is important to note that the 5AMLD has not changed the clauses on penalties for breaches, rather, the scope of the regulation has expanded.

Beneficial Ownership

Trust, Transparency and Legitimate Access.

Virtual Currencies

Anonymous safe deposit will also no longer be permitted.

Enhanced Due Diligence for High-Risk Third Countries

Mandatory due diligence with High-Risk countries covering funding sources, background checks and beneficial ownership.

Broader coverage includes Artwork Trade.

Prepaid Cards

Lower ceiling for e-money and prepaid cards i.e. €250 to €150.

Broader information sharing

Greater harmonisation and support of organisations to regulate relationships with High-Risk countries. 

Data Zoo is the best solution for any organisations with AML/KYC obligations. With access to more than 4.7 billion individuals globally, we are the leading Asia Pacific provider – covering over 84% of the population. Instantly verify your customers through reliable and independent data sources & meet all compliance requirements. If you would like to learn more, please contact us here.

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