Five Key Anti-money Laundering Directive Changes Impacting Compliance Teams

  • Security and Compliance , Security
  • 27.07.2021 02:40 pm

A new whitepaper released by Trulioo, the leading global identity verification company, explores the implications of the Sixth Anti-Money Laundering Directive (6AMLD) and the European Union’s bid to tackle rampant financial crime. Since June 3, EU member states are required to adhere to 6AMLD, which introduced more severe criminal penalties for violations and broadened the scope of money laundering offences, among other key changes.

The whitepaper “Complying with 6AMLD in a heightened enforcement environment delves into how 6AMLD obliges affected financial institutions and reporting entities to enhance their Know Your Customer (KYC) and Customer Due Diligence (CDD) processes. Implementing regulatory technology solutions that can automate KYC/CDD processes can help businesses achieve compliance and avoid costly financial and reputational repercussions. 

“Among banks, AML compliance breaches were the most common type of financial crime violation last year,” said Garient Evans, SVP, Identity Solutions. “Facing increased regulatory scrutiny, businesses need to invest in adaptable tools that will help them meet evolving compliance requirements while ensuring they deliver a convenient customer experience.”

The whitepaper also provides an overview of:

  • The evolution of AML directives in the EU and major sources of financial crime

  • Key regional finance risks and sectors that pose significant AML risk

  • The increased fraud risks that have resulted from the pandemic

Download the “Complying with 6AMLD in a heightened enforcement environment” whitepaper here


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