Amld5
| The European Union’s 5th Anti-Money Laundering Directive (AMLD5) was published in 2018 and amended the Anti-Money Laundering (AML) rules. The main aim of the directive is to prevent the use of the EU’s financial system for money laundering and terrorist financing. The directive requires financial institutions to take measures to identify and assess the risks of money laundering and terrorist financing, and to put in place appropriate controls to mitigate those risks. These measures include, for example, customer due diligence requirements, risk management policies and procedures, and ongoing monitoring of transactions. In addition, the directive strengthens the requirements for national authorities to exchange information on suspected money laundering and terrorist financing, and requires them to cooperate more closely with each other. The directive also creates a new EU-wide database of beneficial ownership information, which will make it easier for national authorities to identify the beneficial owners of companies and trusts. The 5th Anti-Money Laundering Directive will help to make the EU’s financial system more resilient to money laundering and terrorist financing, and will make it more difficult for criminals to use the EU’s financial system for their illegal activities. |
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