In December 2020 an updated anti-money laundering directive (6AMLD) will come into effect around the world and any organisations operating within the EU will need to comply with the new rules.
There are more and more regulations being put into place across the financial sector in order to prevent money laundering and fraud. For existing regulated businesses, the changes focus on three areas: cybercrime, cooperation and criminal liability.
Cybercrime has never been mentioned in an AML Directive previously, so this is huge for businesses to take on board. It’s a key focus to reduce the number of online crimes that are occurring. The fact that cybercrime is at the forefront of regulators’ minds, enables businesses to pinpoint and tackle any potential money laundering activity efficiently and effectively.
Businesses will also be required to cooperate with each other in the prosecution of money laundering related crimes under this new update. This means that if a crime takes place between two businesses, they will now be required to work together to identify the offender and prosecute them in one single way.
For the first time ever, companies or ‘legal persons’ can be held accountable for the crimes. This means that if an individual within your business of significance – classed as a ‘legal person’ – has failed to prevent criminal activity from happening, then that person and your business can be punished for the act.
Hello Soda has put together an in-depth guide, detailing all you need to know on the new directive. The guide explains exactly what is happening, what it means for your organisation and how they can help. Download it here: https://hellosoda.com/6amld-wars/