The Directive implements five key changes: 1. Scope a. It has increased in scope. The requirement for certain entities to carry out CDD has increased (e.g. from just casinos across the entire gambling sector and for high value goods traders). 2. Risk-based approach a. It increases the emphasis on a risk-based approach (which has already […]

Funds and asset managers and other financial institutions take note: the Fourth Money Laundering Directive (“MLD4”) has finally been agreed and will come into effect no later than June 2017. This directive amends the EU’s existing anti-money laundering (“AML”) and counter terrorist financing (“CTF”) legislation in several respects. Some of these amendments will present particular […]

The UK has become one of the first major economies to place strict rules on the disclosure of beneficial ownership following the passing of the Small Business, Enterprise and Employment Act 2015 at the end of March. The act makes it a legal requirement for companies to maintain a public register of anybody who has […]

Beneficial owners AND third-parties AND a Four Step Due Diligence ProcessThe European Commission has been working on updating its nine-year-old Third E.U. Anti-Money Laundering (AML) Directive to accommodate new international standards and to address previous shortcomings. Earlier this year, the E.U. Parliament approved new draft legislation, bringing the Fourth AML Directive one step closer to […]

The Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on draft primary legislation to provide it with the power to impose civil financial penalties on regulated businesses that contravene regulatory requirements set by Commission Codes of Practice. The Consultation Paper, including the draft amending legislation, can be viewed on the Commission’s website […]

A brief update on developments as we enter the final stages of the legislative process. Read more = http://www.lawsociety.org.uk/advice/articles/fourth-directive-update/?utm_source=emailhosts&utm_medium=email&utm_campaign=AML+-+29%2F01%2F2014    

The European Parliament has published the opinion of its Committee on Legal Affairs (JURI) relating to the draft Fourth Money Laundering Directive (MLD4) which is intended to replace its predecessor, the Third Money Laundering Directive. The opinion sets out the detailed amendments that JURI considers should be made to the MLD4. View Opinion of the […]