The Sixth Anti-Money Laundering Directive (AMLD 6)
What does the new AML legislation mean for your company?
Did you know that up to 5% of global GDP - which amounts to almost 2 trillion dollars - is laundered every year? In the European Union alone, it is about 100 billion Euros! In short, money laundering is still a major problem. A big enough reason for the EU to further tighten up anti-money laundering guidelines.
The EU has been fighting money laundering since 1991 through the European Anti-Money Laundering (AML) legislation. The sixth anti-money laundering directive has recently come into force.
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It concerns a more specific, criminal law definition of what is meant by money laundering and ensures stricter, international enforcement. This is of great importance, because money laundering practices are becoming more sophisticated due to new digital possibilities. Organisations must therefore now be able to demonstrate that these laws and regulations have been implemented in all working processes. If not, they could face significant fines, court settlements and reputational damage. Being compliant is therefore essential for any companies operating in or with Europe, particularly in the legal and financial services sector.
In this Market Outlook Paper you will read:
- What kind of changes the AML legislation has brought about in recent years
- What the Sixth Anti-Money Laundering Directive means for your organisation
- How to make sure your business is well prepared