What changes will 5MLD bring?

5MLD will implement the following changes:

• Bringing Crypto-Firms into scope of the regulations so that they have to adhere to the same standards as other financial services firms. We have a dedicated page for cryptocurrency firms concerned about the FCA and 5MLD (https://authoripay.co.uk/crypto-firms/)
• Increased information on Politically Exposed Persons (PEPs). EU member states will be required to keep an up-to-date list of the exact functions that qualify as prominent public functions.
• Reducing the threshold for identifying the holders of pre-paid instruments, such as pre-paid cards, to €150.
• Increasing the transparency of beneficial ownership, including that of trusts, and each member state will be required to maintain a public register of ownership
• More stringent controls relating to high risk countries. Firms will need to identify those jurisdictions that pose a higher risk and, if they have exposure to those jurisdictions, implement the necessary enhanced due diligence
• Implementing new national bank account registers in each Member State to enable easy access by law enforcement authorities to bank account information for all bank accounts held in that Member State
• Extending the scope of regulations to tax advisory services, letting agents and art dealers
• Providing greater protection for whistle-blowers