The 5th Money Laundering Directive aims to eliminate financial crimes without making changes in the functioning of financial payment systems and market. It intends to prevent money laundering and large-scale concealment of funds by promoting transparency. The businesses operating across Europe are obligated to comply with these regulations.
What are the Key Changes in the 5th Anti Money Laundering Directive?
One of the key features of AMLD5 is that it proposes changes in already existing legislation in AMLD4, instead of replacing them.
What does it mean for New Internet Media and our ecosystem and services?
This amendment, in combination with the EU Copyright directive, gives NIM and unique opportunity as we are (as far as I know) the only company capable of implementing it immediately :
- The scope of money laundering screening is extended to virtual currency providers, art worker traders, e-wallet providers, and tax-related services.
- It ends the anonymity of saving accounts and safe deposits across all the banks under the European Union.
It all boils down to regulated registration and trade of Copyrights and by extension ownership of content and art.