The Fifths ANTI-MONEY LAUNDERING Directive (AMLD5) - how will it affect us all?steemCreated with Sketch.

in Project HOPE3 years ago (edited)
111.jpgJust within the next 2 days (10 jan 2020) new anti-money laundering directive is set to become law - AMLD5 - and it demands new obligations from those in financial services.



... Officially those new regulations will help authorities to combat financing terrorism and crime across the globe.

It's very encouraging to point out, that terrorism is growing because of actions taken over and over by our own rulers and terrorist threats seem to be only increasing. What just happened in Iran is a great example, how within one day time things may get so much worse. We can see how all results achieved so far in the fight against terrorism are wiped out. And it does question me of real reasons behind anti-money laundering policies.

However, I don't want to get deeply into politics, since I consider this topic too sensitive to talk about it on any blockchain.

Today I would like to focus our attention on the upcoming AML new directive: AMLD5. I have a few questions I would like to ask. And hopefully, someone out there will be able to help me find answers. Answers I've been seeking today.



Let me quote.

The 5th Money Laundering Directive aims to eliminate financial crimes without making changes in the functioning of financial payment systems and markets. It intends to prevent money laundering and large scale concealment of funds by promoting transparency. The businesses operating across Europe are obligated to comply with these regulations.

You can see some more details on or

I could go on and on - quoting different regulations that will be enforced within just 2 days. But the truth is, that I feel completely lost. I really would like to know what group of people, individuals or businesses are going to be affected. And how will they be affected?

Does anyone have any ideas or suggestions?



Especially I'm interested in companies, which have anything to do with crypto space. How many of those businesses will be affected and will endure real pain.

I can imagine that most exchanges will have to comply with those new regulations. This actually doesn't bother me so much, since most of us seem to already got used to the idea of KYC being a requirement.

Perhaps you, dear reader, could help me out and figure out what other crypto businesses may be affected by AMLD5 ? And how bad can it be? Do you think those new regulations may affect you as well?



I've spoken with few friends and they all seem to be quite convinced, that somehow STEEM blockchain will not be affected in any way. Which I found quite hard to imagine. Perhaps I just worry too much and perhaps things will not change much since STEEM isn't dealing with FIAT currency. Perhaps.

And what about SMTs? Assuming that SMTs will allow users to exchange their tokens directly to FIAT currencies then we should expect some major issues, which will have to be faced.

Part of me believes, that we're mostly currently too optimistic - I was told already, that those changes are happening only in Europe so the rest of the world won't be affected. I seriously doubt it, since the EU regulatory framework is usually copied by less developed countries. Not to mention that all foreign businesses willing to operate within the EU will also have to comply.

My final question to each one of you:

  • how do you personally feel about your current investment in STEEM. Can you imagine, that AML regulations can somehow affect you and your resources on steem?


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Useful article, however the EU and its stupid rules will disappear long before Steem does.
Once Brexit is finally done there will be other countries leaving this Kafkaesque strait-jacket of business destroying anti-democratic rules that is the EU.

Also, crypto will destroy the whole ridiculous AML regime, which treats honest people like criminals but the real criminals go around.

Most terror funding comes from governments, including Western ones, through naiveity.

In the meantime, people will just ignore these silly rules.

As someone that is neither from the UK or Europe I do not feel entitled to all that much of an opinion on what the people of those regions should do. But to the overall stuff you said in the comment, amen, sir.

Useful article, however the EU and its stupid rules will disappear long before Steem does.


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I am pretty sure, that this regulation will not affect Steemit. Or better say STEEM blockchain. Because it is decentralized with no authority to shut it down. So I feel comfortable also with my STEEM bag.
I think when more and more DEX will be on the field, there will be less and less to regulate. They might now only focus on fiat onramps and offramps, but in the time, when you could pay by some crypto (stablecoin, maybe the national e-coin etc.), there will be always ways to use your crypto somehow. Like Revolut or Wirex at this moment.

 3 years ago 

Hi appreciated Piotr.

The first thought that comes to my mind is: "Why is it going to be the fifth directive, what happened to the previous four?"

I am aware of the crude attack that certain governments and agencies have deployed for several years against all activity related to cryptography. Last year we could see how American citizens received notifications about the payment of taxes applied to their crypto assets. Raw words of powerful presidents assuring that "Btc is not real money, only Usd is real money."

The main value of blockchain technology lies in decentralization and all that it entails, financial freedom and Decentralized Finance, for example.
This undermines the seeds of traditional financial structures that are what sustain the economies of the world's governments.

There is a real possibility that the facade of the fight against terrorism and money laundering is being used to try to affect the freedoms that blockchain technology has given to the citizens of the world. Not only is AMLD, it is also the FATF and other international organizations that want to end anonymity and the growing number of P2P, B2B transactions.

So I don't think Steem blockchain is affected by these measures. I imagine that the main objectives should be the biggest exchanges.

Your friend, Juan

Why am I reading this sentence like "regulations will help authorities [..] financing terrorism and crime across the globe"?

And if not talking politics on a blockchain, where else?! Let's get more "regulators" and media onto decentralized blockchains!

Remembering an all important message:

 3 years ago 

Hi again @andrepol

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

 3 years ago 

Hi @crypto.piotr,
I have to admit that I wasn't even aware of this law. It seems that in Europe they make more and more complicated laws that are more and more difficult to understand and to apply.
In Switzerland there are very strict laws against money loundring but still we have the most corrupt world leaders who have bank accounts here...
It seems all a bit hypocritical and again I think that it is merely a matter of size. It's not for a couple of hundred bucks that people will get problems but for the real big players to take care.
I can't tell what will be the influence on crypto. I believe that with crypto the sensible part is where crypto can become fiat. I have the feeling that governements don't really care about crypto but they care when crypto can be exchanged into fiat money and these places are quite strictly reglemented.

Have a nice day


I'm no expert in regulation. IMHO I think there will be trouble getting in and out of an ecosystem like STEEM. But things will be fine when dealing within the ecosystem. We might face trouble getting new people invested into STEEM and it might get difficult to cash out STEEM on the long run.

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The Fifth Money Laundering Directive makes amendments to the Fourth Money Laundering Directive on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing.

Hello dear @crypto.piotr thanks for bringing this notable AML regulations before our eyes. I completely agree with your assumption that most of the developing world look up to Europe for regulatory framework. The move could have slight or negligible effect on the global crypto market but I do not forsee a major impact because the forthcoming changes did not find its way into the mainstream news. As a rule, whatever must significantly affect the global crypto market must be reported or anticipated by the mainstream crypto media. I hope that my assumption is correct. Cheers!

At this point I don't think STEEM nor any crypto is really their priority to try and regulate, the whole terrorism bit is a load of shit. There were terrorists before 2008 and they were doing just fine getting money from various sources. We all know HSBC and other banks launder money for this shit and government money has funded just about every war.

Seriously what benefit would crypto have with people trying to do arms deals, if they hate or not care crypto so much how hard would it be get deals done in this asset.

As for KYC and AML that should be handled by oracles and the data can be tokenised with an NFT which would give you the best of both. So you can verify yourself without revealing your actual data

Maybe I'm a bit off the topic but Steem needs plenty of dedicated people to support it's growth. Steem is designed around the idea of a community of good people willing to help each other, but it is trying to create this community by paying it's members. Right now this only encourages people that are interested only in money to come across it, and very few others. This is why I stopped being an active part of the community...

Just comment on this post of yours on eSteem mobile application now. Well done

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AML seems like a good thing to checkmate the theft and concealment of money through blockchains. But then, just like every other government policy, it is usually meant for the poor masses and people of lower level in the society. I do not actually believe that these laws are implemented at the scale it was meant for - the real top people who steal money. For now, I can only imagine some of the limitations it the new AML will place on Steem and SMT, but I will prefer not to have such laws because in the real sense of money laundering, not so much of it is happening through this system - or blockchain as a hole. The real guys that do money laundering still use old, traditional methods which has proved successful to them.

The EU does not dominate the planet earth and has difficulty to manage their own problem on his territory. You cannot enforce KYC on DEX and Internet value protocol, I believe you worry too much. :)

@crypto.piotr, At the end of the day this Subject Matter is Situational, Specific and most importantly depends upon Individual Activities. In my opinion we all know that when particular account Transacts unusual amounts most of the times they come into Banker's Limelight.

No aspect is excluded from the Financial Analysis, Investigation and Research. No means, yes in a way.

In my opinion until we are fair and doing good and harmless Activities nothing to fear. But let's see how future will create it's route.

Have a wonderful time ahead and stay blessed.

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For now, say hello and wish you a big 2020. Thank you for that unconditional support. May all your questions be answered. This is the economy as it is in many countries. For now wait to pray and to act with new entries and to continue friend @crypto.piotr. ¡See you soon!

 3 years ago 

Friend @crypto.piotr

I will be very sincere. I didn't know about this information, until you asked me a question about it in days gone by. My curiosity did not leave me alone until I found out what it was and the questions you ask yourself in this publication are totally valid for the future of all cryptocurrencies, in that sense it is possible that in some very indirect way the Steem could be seen affected since it would not escape from this anti-money laundering directive.
However, I particularly feel safe with Steem but I will also be very aware of all the events that this anti-money laundering directive carries out.

I really liked the approach you give to this publication with all the questions you ask about it.


Personally, I don't think AML policies will affect steem and if it would, it is going to be indirect.

My investment in steemit is a risk just like investing in anyother business. There is no full assurance that it will be forever but we hope for the best. Having stayed for over 3 years now and faced a lot of hurdles, I think steem blockchain has gone beyond breaking down and would be readjusted to cope with any policy that could affect it.

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I don´t think the current anti-money laundering strategy, which is based in the conversion between fiat and crypto, will change. If I´m right, this won´t have a direct impact on STEEM, and the impact on the global cryptocurrency market would be low.

Upvoted and resteemed.
Dear @ crypt.piotr. Somehow all the decisions that affect the big companies, by expansion affect the smaller ones, who in the end suffer the last consequences.
It is possible that if it affects the output of cryptos to become FIAT currency, but since the steem is so low I can not imagine how it will turn out.
In any case, those of us who have already become used to working on the platform, I suppose we will continue to do so even though, as at the moment the income is practically nil.
Thank you for always being aware of Steemit's destiny and all the support to the Hispanic community.

Apreciado @crypt.piotr. De alguna manera todas las decisiones que afectan a las grandes empresas, por expansión afectan a los más pequeños, quienes al final sufren las últimas consecuencias.
Es posible que si afecte la salida de cryptos para convertirse en moneda FIAT, pero como el steem está tan bajo no imagino como resultará.
En todo caso quienes ya nos hemos a costumbrado a trabajar en la plataforma, supongo que seguiremos haciéndolo aunque, como en estos momentos los ingresos sean prácticamente nulos.
Gracias por estar siempre pendiente del destino de Steemit y todo el apoyo a la comunidad hispana.

Thank you @crypto.piotr for the gift.

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 3 years ago 

Hi again @f21steem

Can I ask you for little favour? I joined contest called "Community of the week" with project I manage and I would be grateful if you could RESTEEM it and help me get some exposure and drop some encouraging comment :)

Link to my post: on steemit or on steempeak

Thanks :)
Yours, Piotr

Can you remove me from your spam list please.

Thank you @crypt.piotr, for you we learned some of this news. The decisions of large companies do not know how they affect us. Although Steemit continues to go down and then up a bit we will continue here supporting. Supported with resteem

I guess it's time to convert everything to monero...

Great article well put together, speaking of that policy, I think the less project using Blockchain technology will suffer major drawback, same goes to the giant in the industry but their own drawback could be minimised. Speaking of this policy, the effect won't be felt that much, not with the limelight crypto legendary coin is seeing right now. And if that policy actually comes to place, like you said we are all familiar with KYC,so it's game on for everyone.

 3 years ago 

What do you mean @kate-hudson?

Sorry I have made comments without understanding. I have come to the new steemit.

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