Following adoption of the new Anti-Money Laundering (AML) Directive by the European Union in June 2015, EU member states must now implement the required changes in their domestic legislation by 26 June 2017.
This tip sheet highlights the key changes and includes practical advice on what your company can do in coming months to prepare for the implementation.
The 4th EU AML Directive
The new Directive replaces the 3rd Directive, which has been in force since October 2005. The 4th Directive incorporates the revision of the Financial Action Task Force’s (FATF) recommendations adopted in February 2012. Financial Institutions and other entities and organisations obliged to prevent money laundering and terrorism financing (ML/TF) will need to adopt a more sophisticated risk-based approach to comply with Customer Due Diligence requirements.
The full infographic, prepared by Berlin Risk’s Jennifer Hanley-Giersch, can be found here.