AMLD 5 Compliance for VASPs

I wrote an article in partnership with Elliptic on the differences between being only AMLD5 compliant and maintaining a full payment license in Luxembourg.

The 10th of January 2020 marked a historic date for cryptoasset businesses resident in the EU. The majority of such businesses have become what’s known as ‘obliged entities’ under the terms of the 5th Anti-Money Laundering Directive (AMLD5), which came into effect on that day. As a result, cryptoasset businesses are now supervised for AML throughout the EU for the first time.

To ensure that your company stays compliant, it is imperative to build a strong compliance program which stands on 4 pillars: internal controls, internal auditing, AML training and appointing a compliance officer.

Head on to Elliptic medium post and learn more about the challenges AMLD5 have brought for the industry.

If you are struggling to comply with AMLD5 or would like to find out what are your obligations as a VASP, or if you don't even know if you are a VASP at all, feel free to get in touch with me using the contact section of the website and we will come up with a solution.