The Fifth Anti-Money Laundering Directive expands upon AMLD4, the legislature
that focuses on the prevention of and fight against money laundering
and terrorist financing in the financial services industry. AMLD5 expands
on its predecessor by including additional service providers and setting
stricter due diligence requirements for (i) certain crypto service providers,
(ii) e-money providers and (iii) online gaming & gambling providers
that will for the first time now also fall within the scope of the Dutch
Anti-Money Laundering and Counter-Terrorist Financing Act (‘Wet ter voorkoming
van witwassen en financieren van terrorisme (‘Wwft’)‘).
Additional crypto service providers that will be affected are (i) services for the exchange between virtual money (cryptos) and regular money and (ii) Crypto (custodian) wallet providers. From January 2020:
1. Mandatory registration with the DNB
2. The crypto provider’s policymakers must be ‘suitable and trustworthy’, which the DNB will assess
3. (Enhanced) Customer Due Diligence: Depending on the risk classification of the customer. However, for crypto providers the legislature is of the opinion that enhanced due diligence is necessary because of the riskier nature of the product.
4. (Enhanced) Monitoring of transactions
5. Reporting unusual transactions
Applies to all E-money providers within the EU:
• More pre-paid products will be subject to (enhanced) CDD; reduction of threshold requirement from €250 to €150 at which CDD requirement can be waived.
Now also remote gaming & online casinos will have to perform (enhanced) CDD on customers.
Oudenoord 330, Utrecht, The Netherlands