6th September 2018

5AMLD - 5th Anti-Money Laundering Directive: Ultimate Beneficial Ownership

5AMLD – 5th Anti-Money Laundering Directive: Ultimate Beneficial Ownership

In 2017, 4MLD introduced a focus on ultimate beneficial ownership (UBO) for the purposes of risk mitigation and money laundering prevention. 5MLD builds on those steps, introducing the following measures:

  • UBO lists (drawn up under 4MLD) are to be made publicly accessible.
  • Trusts must observe beneficial ownership regulations and, like companies, will have that information made available to authorities or others demonstrating legitimate interest.
  • UBO national registers must be inter-connected at an EU level in order to facilitate cooperation and the exchange of information between member-state authorities.
  • Member-states are to strengthen their UBO verification mechanisms to ensure the information they carry is accurate and reliable.
  • Members states must introduce separate UBO registers for bank accounts – unlike company UBO registers, these lists will not be publicly available and only accessible by authorities.

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