5th Anti-Money Laundering Directive and crypto currency

[KYCbench]

5th Anti-Money Laundering Directive was recently adopted in the European Union. Accordingly to this directive crypto currency exchange platforms and wallet providers are regulated within the EU by anti-money laundering (AML) rules, including know-your-customer (KYC) requirements and reporting obligations for suspicious transactions. 5AMLD entered into force on July 9, 2018, and all EU-member states must implement its provisions in their national law by January 10, 2020.

In July 2018, Cipher Trace published a report stating that crypto currency exchange theft in the first half of 2018 was three times higher for all of 2017, with a total of $1.5 billion in crypto currencies predicted to be lost to cyber-hacks by the end of 2018. According to the report, this increase in theft tripled the amount of crypto currency money laundering. The report was released just after another major exchange hack, the $31 million theft from South Korea’s Bithumb, and right before the recent hack of $13.5 million from Switzerland’s Bancor.

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