On May 14, the European Parliament and Council formally adopted the fifth and latest update to the European Union’s (EU) anti-money laundering directive (5AMLD). Major changes include the expansion of AML requirements to include virtual currencies, information sharing among financial intelligence units (FIUs), enhanced beneficial ownership transparency, and more.
Protiviti updated the report with a detailed analysis of the pending changes. The report outlines the final changes, along with recommended preparations, for all banks and other businesses handling financial transactions within the EU (“obliged entities”) under 5AMLD. This article summarizes those changes.