AML5 is the new community standard for the prevention of money laundering and terrorist financing. AML5 entered into force on July 9, 2018 at the community level, with effective application at the national level on January 10, 2020, and gives financial companies the possibility to provide services in a digital single market with 508 million consumers. It removes barriers to doing business in multiple industries and markets where there was high fragmentation due to regulation.
Europe is the second market in the world, with 20 trillion dollars of GDP, ahead of the US and very close to the Chinese economy.
AML5 introduces the European Trust Services Regulation 920/2014, eIDAS, in different sections regarding customer identification, and delegates to it and electronic trust services the ability to identify new customers.
Update: See new AML6 page.