Get up to speed with financial regulations, KYC and due diligence requirements, and AML, CFT, Sanctions and anti-bribery policy.
The European Union's Fifth Anti Money Laundering Directive (AMLD5) has been adopted by the European Parliament on April 19, 2018.
Key changes implemented in AMLD5 are:
1. Further reduction of the limits for anonymous e-money products (amount stored, turnover, redeemability).
2. Introduction of a limit for remote payments with anonymous e-money of €50 per transaction.
3. No acceptance of anonymous prepaid cards issued outside the EU that do not meet EU-AMLD standards (this has to be ensured by the acquirer).
Extension of AMLD4 compliance to operators of trading platforms where virtual currencies (Cryptocurrencies) are traded and to providers of “custodian wallets” (i.e. wallets for virtual currencies).
Application Fraud: The unlawful application for a product or service using forged or counterfeit IDs and supporting documents.