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.
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. You can find an in-depth guide here, which details everything you need to know about the new directive.
Why is it changing?
The upcoming EU AMLD — the sixth since 1990 — is scheduled to be transposed into national laws by Dec. 3, 2020. Those outside the EU have until June 3, 2021, to put