28/09/2023 (Agence Europe) – The European Commission decided, on Thursday 28 September, to open an infringement procedure by sending a letter of formal notice to Hungary for incorrect transposition of the 5th Anti-Money Laundering Directive (5th AML). Although Hungary has notified a complete transposition of the Directive, the Commission noted that there is no obligation under Hungarian law to register or authorise providers of exchange services between virtual currencies and fiat currencies. On the other hand, with regard to the sanctions imposed by the EU following Russia’s invasion of Ukraine, the Commission considers it imperative that the beneficial owners of the sanctioned firms are identified. Without a satisfactory response from Hungary within two months, the Commission may decide to continue the infringement procedure and send a reasoned opinion. (AD)