With the implementation of the European Union’s (EU) Fourth Anti-Money Laundering Directive (AMLD4), which included an emphasis on enhanced customer due diligence (CDD), an inclusion of the gambling sector, and enhanced risk-based approach technology, all member states were required to… Read more >
The European Union’s (EU) Fifth Anti-Money Laundering (AMLD5) became binding recently on Monday, July 9 and even after two years of reforming the anti-money laundering (AML) provisions and regulations, the new directive still faces weaknesses and limitations in preventing illicit… Read more >
In an effort to combat money laundering, the Bulgarian Parliament is in the process of passing the Measures Against Money Laundering Directive Act (the “Bill”) as ordered by the European Union’s 4th Anti-Money Laundering Directive (4th AMLD). The Bill, which… Read more >
A new discovery of documents coined “The Paradise Papers” reveals the secrets of two offshore firms, 19 secrecy jurisdictions, and 13.4 million files. These files were obtained by the German newspaper, Süddeutsche Zeitung, and were released by the International Consortium… Read more >
In order to place the Fourth Anti-Money Laundering Directive (AMLD4) into the legal system, the Croatian Parliament passed the Money Laundering and Terrorist Financing Prevention Act on October 27, 2017. One main component of this act is the addition of… Read more >
Although all EU countries should have implemented the EU’s Fourth Anti-Money Laundering Directive (AMLD4) by June 2017, the European Commission is investigating 17 countries which did not put the newest directive into action on time. Ireland is one of these… Read more >
Professionals across all industries and sectors must familiarize themselves with the Money Laundering Regulations 2017 (MLR2017) which has introduced a variety of new provisions to replace and expand the requirements of the existing Money Laundering Regulations 2007 (MLR2007). This newest… Read more >
The European Union is becoming more strict about enforcement of anti-money laundering (AML) laws and regulations utilizing its new directive (AMLD4) to manage risks of money laundering, crime organizations, and terrorism especially in areas of high vulnerability such as crowdfunding… Read more >
Over the next three years, operational costs of KYC processes for banks are expected to double because of the Fourth European Anti-Money Laundering Directive (AMLD4) and the Fifth European Anti-Money Laundering Directive (AMLD5). These amendments seek to protect credit and… Read more >