Tag Archives: MLD5

ESAs publish AML/CFT guidelines

The ESAs have published their final guidelines on AML and CFT required under MLD4. The guidance is intended for credit and financial institutions and should provide them with the tools they need to make risk-based decisions on their management of business relationships and occasional transactions. There are some general guidelines and some sector-specific ones. The […]

MLD5 update

We have written an article on the current state of play of the MLD5 proposals.

UK opts in to MLD4 data sharing

The UK has decided to exercise its right to opt-in to the proposed changes to MLD4 that would facilitate data sharing between financial intelligence units and enforcement authorities.

EP Committees publish MLD5 report

The latest version of the report from ECON and the Committee on Civil Liberties, Justice and Home Affairs on MLD5 includes the following proposed amendments: a recommendation to consider setting a limit to cash transfers and a suggestion this should be reviewed 2 years after the Directive takes effect; highlighting the importance of compliance at […]

ECON votes for consumer access to BO information

ECON and the Civil Liberties committee in the EP are pressing for further amendments to MLD4 to allow EU citizens to be able to access registers of company beneficial owners without having to show they have a “legitimate interest”. They also called for a public register showing the beneficial owners of trusts.  Other changes discussed included requiring virtual […]

EU publishes MLD 5 negotiating mandate

The Presidency of the Council of the EU has published the negotiating mandate it hopes will progress MLD 5 negotiations. It wants the incoming Presidency to start talks with the European Parliament on key changes to MLD 4, including changes to address risks linked to pre-paid cards and virtual currencies, improving co-operation between investigating agencies, […]

Presidency publishes MLD5 compromise

The Presidency of the EU has published a further compromise text on MLD5. Its proposed changes include abolishing the minimum threshold for remote payment transactions using general prepaid cards, strengthening cooperation between financial intelligence units, and requiring Member States to apply proportionality when deciding whether to make beneficial ownership registers public.

ECB publishes MLD4 opinion

The Council of the EU has published the Opinion of the ECB on the proposed changes to MLD4. In principle, it says it is important that the EU regulates virtual currencies from an AML/CTF point of view, but it does not understand some of the distinctions the proposal makes between various ways of dealing with […]

Treasury publishes views on MLD4 extension

Treasury has submitted a paper on the proposals to update MLD4. Among other things, the Commission had proposed bringing virtual currencies within MLD4, reducing the threshold for CDD on non-reloadable prepaid instruments and removing the online exemption, harmonising approaches to non-compliant third countries, reducing the Beneficial Ownership criteria to 10% for passive non-financial entities and […]