4th AMLD 2015, Transposing Jun 2017: Risk-Based Approach & Tax Havens
The 4th Directive, which came into force on June 26, 2015 was designed to bring a more robust risk-based approach to the prevention of money laundering and terrorist financing across all Member States of the European Union.
The Directive includes some fundamental changes to the anti-money laundering procedures, including changes to CDD, a central register for beneficial owners and a focus on risk assessments. However, with proper preparation and training, the transition to the new regime should be seamless for most firms.
- CDD is required by anyone trading goods in cash with a value over €10K (previous value was €15K);
- Enhanced measures for local PEPs;
- Central register of beneficial ownership;
- No automatic exemption from enhanced CDD;
- Emphasis on a risk-based approach; and
- Expands beyond the EU borders.
For more information on the EU AML Directives and how they can affect you and your business, please contact us on info@finexpertiza.cy
