As of 3rd, December 2020 the European Union’s Sixth Anti-Money Laundering Directive (AMLD6) is now in effect for all member states. Stricter than its predecessors, AMLD6 introduces a larger responsibility on regulated entities to fight money laundering. What exactly changes this time around and how will your organisation find itself affected? What action can you take to ensure your AMLD6 compliance? In this article, we’re answering all the most frequently asked questions about the European Union’s sixth anti-money laundering AMLD6, including the key highlights you need to know.
What exactly changes this time around and how will your organisation find itself affected? What action can you take to ensure your AMLD6 compliance? In this article, we’re answering all the most frequently asked questions about the European Union’s sixth anti-money laundering AMLD6, including the key highlights you need to know.
When does AMLD6 come into effect?
AMLD6 must be transposed into national law by 3rd December 2020 and implemented by regulated entities within member states by 3rd June 2021.
What makes AMLD6 important?
Financial institutions in the EU paid over USD $16 billion in AML related fines between 2012 and 2018. This serves an indication that, despite recent overhauls to fight money laundering, challenges have been difficult to overcome. The sixth directive 6 looks to close loopholes in AML regulations across the European Union by increasing both the scope of liability and the severity of consequences for those who commit such offences.
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