3rd AMLD 2006, Transposing Dec 2007: Enhanced Due Diligence, Service Providers & Terrorist Financing
The 3rd Directive took into account the FATF’s revised AML & CFT standards of 2003, as a culmination of the sudden realisation of the susceptibility of Designated Non-Financial Businesses and Professions such as lawyers to the furtherance of money laundering transactions and the changing political and economic circumstances in the wake of September 11 and the Madrid Bombings. The deadline for transposing the Third Directive into national law was 15 December 2007.
Since its implementation, the 3rd Directive has tightened the EU anti-money laundering regime. Professionals such as lawyers were finally included within the scope of the Directive. In fact, the 3rd Directive makes the regime applicable to lawyers, notaries, accountants, real estate agents, casinos and encompassing trust and company services, exceeding €15K. It also included measures against the financing of terrorism.
- The application of the Directive in relation to non-financial businesses and professions including lawyers;
- Enhanced customer due diligence measures for PEPs and their immediate families or close associates; and
- Simplified customer due diligence procedures for low-risk transactions (Member State assessed) involving public authorities or public bodies if their identity and activities are publicly available, transparent and certain and on-going monitoring of such transactions.
For more information on the EU AML Directives and how they can affect you and your business, please contact us on info@finexpertiza.cy
