The changes brought about by 6AMLD will affect a lot of businesses, but there is still time to prepare for new rules.
In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes.
The 5AMLD extended the scope of customer due diligence checks, introduced domestic and politically exposed persons, extended the creation of central registrars of beneficial ownership, and extended Anti-Money Laundering checks to majority-owned subsidiaries outside the European Union.
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In December 2020, an updated Anti-Money Laundering Directive, known as the 6AMLD, will come into effect around the world, and any organizations operating within the EU will need to comply with the new rules.