See Credit Details Below
On April 19, 2018, the European Union (“EU”) announced that it had voted to adopt the Fifth Anti-Money Laundering Directive (“5AMLD”). The Directive will enter into force twenty days after its publication in the EU’s Official Journal. Within eighteen months thereafter, the EU’s Member States must adopt the majority of its provisions.
In this presentation, Nicole S. Healy, a partner at Ropers Majeski Kohn & Bentley PC, will discuss certain key features of the 5AMLD’s requirements:
- Increased transparency regarding beneficial ownership of companies and trusts;
- Enhanced capacity of Financial Intelligence Units (“FIUs”), including access to centralized bank account registers;
- Cooperation and intelligence sharing between FIUs;
- Application of customer identification rules to virtual currency exchange platforms and custodian wallet providers to address terrorist finance risks associated with cryptocurrency;
- Tighter restrictions on the use of pre-paid cards, particularly online;
- Registration of cryptocurrency platforms and providers, currency exchanges, cheque cashing offices, and trust or company services providers;
- Extending AML/CFT rules to cryptocurrency, tax-related services, and artworks; and
- Enhanced safeguards for financial transactions to and from high-risk third countries.
Program Level: Overview
Intended Audience: Legal, finance and compliance professionals responsible for advising clients regarding European Union (EU) anti-money laundering and counter terrorist finance (AML/CFT) regulations
Prerequisites: An interest in AML/CFT regulation, particularly in the EU
Advanced Preparation: None