- by Amy McNeice on 27/04/2022
AMLD6 What It Means For You
The world of KYC compliance is constantly evolving. Like the introduction of most new legislation, AMLD6 emphasises the need for more in-depth due diligence checks, to more sectors than ever before.
AMLD6 continues to widen the scope of checks and now includes further criteria around AML, UBO, PEP and Background Checks on Individuals. This means companies who never before needed to run PEP checks or identify UBOs now need to run these checks.
CRIFVision-net have been helping our customers with AML compliance now for over 10 years. From experience, it is more efficient for clients to check their entire customer book for PEP's than to segment it on a risk based approach. Of course certain customers may be identified for enhanced due diligence.
The AMLD directives have also called for an increased frequency of monitoring of customers, which means customer due diligence data needs to be kept more up-to-date. In case of audit, clear records need to be ready to show a full audit trail.
Depending on the size of the customer, individuals identified as persons of significant control with that customers (directors and shareholders) are also often PEP screened in corporate customers, at both on-boarding and then monitored for future change.
With CRIFVision-net's CCI & PEP reports, you can save time and cost when risk assessing your customers. It is one of the most comprehensive background checks in the Irish market.
Call or email us today at info.vision-net@crif.com or 01 903 2660.
As mentioned, the sectors in scope for AML compliance are widening with each new directive release:
AMLD5 specifically makes note of entities dealing in art, oil, arms, precious metals and tobacco, which are now included in the E10,000 limit.
AMLD6 now also includes areas of cyber, crypto companies and areas of environmental crime sectors.
It is worth noting that Ireland will not be adopting of AMLD6. It is believed the existing National Irish Law is deemed the equivalent to what is contained within AMLD6. Therefore, its contents is still applicable to the Irish Market.
ambiguities. The new directive outlines 22 Predicate Crimes that constitute money laundering.
individuals. AMLD6 broadens the scope of criminal liability to permit legal entities to be disciplined.
committing a crime and will incur penalties.
Get in touch today if you think we can help you with your compliance needs.
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