Obliged subjects to which the new AML5 or 5AMLD regulations against money laundering are applied are financial institutions (credit, payment methods, electronic money, investment), as well as insurers, advisers, notaries, lawyers or even real estate agents in the case of exceeding a total amount of transactions of 10,000 euros.
The main novelty compared to the previous directives is the obligation for companies to exchange foreign currencies or virtual currencies (exchange, cryptocurrencies) as well as wallets and electronic transactions to strengthen their mechanisms for verifying the online identity of their clients.
Providers of virtual currency exchange for fiat currencies as well as providers of electronic wallet custody services are not required by the Union to detect suspicious activity. Thus, terrorist groups may be able to transfer money into the Union financial system or within virtual currency networks by concealing transfers or enjoying a degree of anonymity on those platforms. It is therefore essential to extend the scope of Directive (EU) 2015/849 to include providers of virtual currency exchange for fiat currencies as well as providers of custody services for electronic wallets.