Peer-to-peer crypto exchange Localbitcoins is preparing to implement updated requirements for the identity verification of its users. The company recently revealed it’s cooperating with regulatory agencies in Finland on the implementation of the latest EU anti-money laundering rules.
The new 5th Anti-Money Laundering Directive (5AMLD), which was enforced by the European Commission in July 2018, covers virtual currencies. 5AMLD, or Directive 2018/843 of the European Union, also includes cryptocurrency exchange services and custodian wallet providers in its scope, Localbitcoins noted.
EU member states now have until January 2020 to transpose the new 5AMLD requirements into their national legal frameworks. Finland, where Localbitcoins is based, has already drafted new legislation concerning digital currency services that amends the country’s Anti-Money Laundering Act in accordance with the European directive
CHANGES TO AFFECT ACCOUNT REGISTRATION AND VERIFICATION
"The most important changes concerning Localbitcoins’ users will be related to improving the registration of new accounts and the identity verification processes, introducing wallet withdrawal and trade volume-based verification tiers"
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