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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