Dutch Senate approves AMLD5 Implementation Act

On 21 April 2020, the Dutch Senate (Eerste Kamer) has approved the legislative proposal implementing the amended Fourth Anti-Money Laundering Directive (AMLD5) in the Dutch AML/CFT Act.

The AMLD5 Implementation Act shall take effect on a date to be determined by Royal Decree. We expect the AMLD5 Implementation Act to take effect at a very short notice, also in light of the fact that the implementation deadline (10 January 2020) has already been exceeded.

The AMLD5 Implementation Act introduces a registration regime for certain crypto service providers and a number of enhanced CDD-measures to be applied with regard to higher-risk third countries designated by the European Commission. See also our earlier newsflash on AMLD5 for more information.