On my X5M after I remove the aluminum pan I can see a rectangular shaped black plastic filter that is pushed into the valve body. You pull out the old and push in a new one. There's a light pink oring on the filter that needs to be replaced as well.

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2003 X5 4.6is Estoril Blue, acquired March 2018
2013 128i M Sport 6 MT Space Grey daily driver
2010 535xi 6 MT Barbera Red