The European Commission (EC) has adopted a proposal to make amendments to the Fourth Money Laundering Directive (4MLD) of which the key ones are:
- bringing forward the transposition of 4MLD to 1 January 2017;
- adding virtual currency exchange platforms and custodian wallet providers to the list of obliged entities;
- introducing lower thresholds for non-reloadable pre-paid payment instruments to which Customer Due Diligence (CDD) measures apply from EUR 250 to EUR 150;
- suppressing the CDD exemption for online use of prepaid cards.
- adopting a list of high-risk third countries with deficiencies in their anti-money laundering and counter terrorist financing regimes. This list will mirror the one maintained by the Financial Action Task Force (FATF) and will be formally adopted by the EC on 14 July 2016 in the form of a Delegated Regulation;
- enabling the Financial Intelligence Units (FIUs) and competent authorities to identify holders of bank and payment accounts;
- introducing new rules on public access to beneficial ownership information of companies and trusts engaged in commercial or business-like activities; and
- clarifying a number of existing 4MLD provisions including on the exclusion of closed loop cards and on electronic identification.
View Proposal for a Directive of the European Parliament and of the Council amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC, 5 July 2016