Anti Money Laundering
AML Legal Regulatory framework
In European Union, the main legislation is European Directive 2005/60/EC and Directive 2006/70/EC on the fight against money laundering and the financing of terrorism and it was amended by the 4th AML Directive 2015/849 (hereafter "AMLD4"). The 5th Anti-Money Directive (hereafter "AMLD5") was published in June 2018.
Money laundering is, in short, the conversion or transfer of money or assets with the aim of concealing or disguising their illegal origin or assisting a person who is involved in a crime from which this money or assets derive, in order to avoid the legal consequences of his or her actions. Please refer to the European Commission AML dedicated web section to keep your business aware of the latest anti-money laundering updates and regulatory changes.
AML impact : Terrorism financing
Financing of terrorism (hereafter "FT") is the distribution or collection of funds, in any way, directly or indirectly, with the purpose of or knowledge that these funds will be used in full or in part by a terrorist or a terrorist organization.
The European Union's freedom of capital movement and simplified processes for some financial services has made the EU target for criminals who want to take advantage of this regime. Financing of terrorism is usually carried out on an international level, not only European. This is the reason why the EU tried to introduce more and more detailed rules for the prevention of these crimes. Emphasis has been put to the better identification and verification process of the customers of the entities and financial institutions in scope. For more information on the Know Your Customer process please check the relevant publications in this website .
Our professionals help you to find a wide range of solutions against money laundering, terrorist financing and other problems related to financial crime. To comply with regulations and directives related to AML and FT, Pideeco offers give you a sustainable risk-based approach to anticipate sanctions.
What is AML operational compliance ?
The process of screening for financial sanctions alone or combined with politically exposed persons and negative financial information assessment can be complex, time consuming and resources demanding.
Pideeco Customer Due Diligence Platforms and dedicated Business Solutions provide a range of tools to identify and verify customers' identity against official sanction lists (OFAC, UN, EU, Nationals,...) and to stress suspicious movements of funds and business relationships, to help you fight against financial system abuse and comply with your obligations.
How to conduct KYC on Russian Counterparties ?Doing business with Russian entities in non-sanctioned sectors of the economy requires some specific attention points regarding client due diligence (the risk exposure assessment process of clients to money laundering and te...Read more Author What else ?