E-Money Firms Sound Alarm Over Incoming AML Overhaul

UK e-money firms have raised “serious concerns” about incoming restrictions on anonymous prepaid cards issued outside the EU, warning the government over the compliance burden that will fall on the acquiring sector.

One of the main aims of the 5th Anti-Money Laundering Directive (5th AMLD) was to tighten restrictions on payment instruments that can be used without know your customer (KYC) checks, an EU-wide priority after authorities discovered anonymous prepaid cards were involved in funding terrorist attacks in France and Belgium.

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