Council publishes MLD4 compromise: The General Secretariat of the Council has circulated a compromise text for the fourth Money Laundering Directive (MLD4) dated 22 November 2013. Key changes include:

  • a drive to make beneficial ownership registries public;
  • exempting certain e-money business from the customer due diligence (CDD) requirements;
  • more power to the Commission to act in relation to cross-border threats and to take EU-level action against third countries with deficiencies in their laws;
  • greater co-operation between regulators where entities operate in a number of Member States; and
  • giving the EBA greater powers to keep a database of penalties imposed on persons who manage entities covered by MLD4.

(Source: Council Publishes MLD4 Compromise)