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23 October 2020

Understanding the EU’s 6AMLD and the risk to your business

Understanding the EU’s 6AMLD and the risk to your business

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In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes.

In December 2020, an updated Anti-Money Laundering Directive, known as the 6AMLD, will come into effect around the world, and any organizations operating within the EU will need to comply with the new rules.

Arriving after a number of major European banking scandals that have raised questions about the effectiveness of the EU’s approach to Anti-Money Laundering, the updated AMLD is designed to better counter cybercrime and the financing of terrorism.

The recent banking scandals in the EU have reinforced the need for more convincing incentives for the dedicated adoption of AML requirements in the private sector.

The changes brought about by the 6AMLD will effectively mean that businesses will have fewer legitimate excuses if they are found to have even inadvertently enabled money laundering.

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