Our world is changing and we have a new legislation to consider in our line of business. The money laundering and terrorist financial prevention act has been passed called the Anti-money laundering act (AML act). It is the European Union Fourth Anti-Money Laundering Directive (EU 4th AML directive) enacted on 25th June 2015 that replaces the Third EU AML Directive, meaning that all EU member states must be compliant by 26th June 2017. It has been called “the most sweeping AML legislation in Europe in several years”.
There are challenges facing these obliged firms in meeting the requirements of the Fourth EU AML Directive. This white paper aims to outline the key changes compared to the Third EU AML Directive and discuss the importance of having a solid risk based system solution, such as Trapets InstantWatch AML and KYC, that allows you to meet the new requirements and challenges ahead.