How do you comply with AML Directives and the 5th AMLD
Prevention of Money Laundering Act, 2002, or the money laundering terrorist financing and transfer of funds 2017. If, as an institution, you must comply with these laws you must determine the identity of your customers and verify who the ultimate beneficial owner (UBO) of a transaction is. When you have found the UBO, you must check whether there are any sanctions against this person and whether this person has been publicised negatively. In many cases, you are also required to check whether the stakeholder is a Politically Exposed Person (PEP).
It is important that you document this process after you have conducted this study. Cddcheck has created a solution that allows you to conduct and document this research in an efficient manner.
In addition, reporting entities must report unusual transactions to Financial Crimes Enforcement network (FINcen), National Crime Agency (NCA) or the HMRC. These are transactions that meet certain indicators. These authorities assess whether a transaction is indeed suspicious and can then pass this on to an investigation service.
Follow these 10 steps
AML Abbreviated terms
There are many abbreviation terms that form the AML directive.