In January 2020, the European Union released its Fifth Anti-Money Laundering Directive to increase transparency while tackling fraud, money laundering and cybercrimes.
The 5AMLD extended the scope of customer due diligence checks, introduced domestic and politically exposed persons, extended the creation of central registrars of beneficial ownership, and extended Anti-Money Laundering checks to majority-owned subsidiaries outside the European Union.
- It will provide clearer definitions of crime and their penalties.
- It will extend criminal liability to legal persons and companies, with tougher punishments.
- Businesses will be required to cooperate with one another in the prosecution of money laundering-related crimes.
- They will be required to protect customers from cybercrime and tackle terrorism finance.
- Fighting cybercrime to root out money laundering.
- Virtual currencies present new risks and challenges for combating money laundering.
Joe Kiely is the content marketing manager at Hello Soda — a global provider of identity verification, fraud prevention and personalization software solutions to businesses in a variety of industries.
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