The fourth Anti-Money Laundering Directive (2015/849) builds on existing regulations to find new and stricter ways to control financial crime within the EU. Published on June 2015 in the Official Journal of the EU, it aims to combat the financing of illegal activities including terrorism.
This directive will carry out checks and risk assessments on financial and credit institutions including other financial intermediaries. It will also impose stricter client controls for businesses in Malta falling under the definition of “obliged entities”. This includes auditors, notaries, external accountants, estate agents, tax advisors and other businesses receiving or making payments of EUR10,000 cash amount or more in a single transaction. AML also extends its applicability to the gaming sector.
Considered to be a key aspect of EU regulation, this directive strengthens the fight against financial crime within the EU. It introduces new rules including but not limited to:
- Registration of ownership information on the beneficial owners of companies and/or trusts
- Focusing on risk assessment of both the business and the clients
- Creating a list containing names of PEPs, their relatives and close associates
- Increased record-keeping requirements
The EU is implementing stricter requirements and maximising its efforts against money laundering and the financing of terrorism.
Contact our team of experts at Firstbridge to learn more about AML and how it will impact you and your business.