Directive 2018/843

Directive 2018/843, also known as the Fifth Anti-Money Laundering Directive, aims to strengthen measures against money laundering and terrorist financing within the EU. It expands transparency by requiring banks and financial institutions to verify the identities of their clients more thoroughly, including the beneficial owners of companies. It also enhances scrutiny of virtual currencies and prepaid cards, and improves cooperation among EU countries to detect and prevent financial crimes. Overall, it seeks to create a more secure financial system by closing gaps in existing regulations and increasing transparency.