The European Central Bank (ECB) has published its opinion on the draft Directive amending the Fourth Anti-Money Laundering Directive (4MLD).

The ECB’s opinion covers two observations:

  • the regulation of virtual currency exchange platforms and custodian wallet providers. In particular the ECB makes a number of specific comments concerning the draft Directive’s definition of ‘virtual currencies’ and suggests certain amendments; and
  • central registers of bank and payment accounts. In order to safeguard the financial independence of those members of the European System of Central Banks and dispel monetary financing concerns associated with carrying out a government task, the ECB emphasises that national legislation implementing the draft Directive should include a cost recovery mechanism with explicit procedures for monitoring, allocating and invoicing all costs incurred by the national central banks that are associated with operating and granting access to the central register.

View Opinion of ECB on a proposal for a Directive 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, 14 October 2016

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