The European Union’s Sixth Anti-Money Laundering Directive (6AMLD) first came into effect for member states on December 3 of 2020, but the true deadline to implement and adhere to the new rules is now here for financial institutions as well. This updated directive will empower companies and authorities to do more in the important fight against money laundering and terrorism financing by expanding the scope of existing legislation, toughening criminal penalties, and clarifying certain regulatory details.
As of today, firms within member states need to ensure that their AML programs can deal with the updated risk environment, which includes 22 predicate offenses. With the new directive, so-called enablers will also be legally culpable for money laundering, and criminal liability for related crimes is being extended beyond individuals, and will include punishment of legal persons, like companies or partnerships. The introduction of 6AMLD also aims to fight dual criminality, and better deter criminals by upping the minimum prison sentences for related crimes.
Are You Ready for 6AMLD?
To be ready for 6AMLD, financial institutions need to make sure that they really know their current and potential customers. This requires access to billions of reputable data streams and global consumer records, including government agencies, credit agencies, and utility records. This is an essential part of any effective and robust KYC/AML screening. Thankfully, we’re here to help you with that.
If you have yet to take action ahead of the full compliance that will be required as of today, we are ready to assist you in adapting to the new regulations. At ZignSec, we’re experts at fighting money laundering, and excel in reducing bureaucracy and costs related to customer relationships.
Contact us at [email protected]nsec.com today to ensure that you’re ready for these imminent and important changes.