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Fourth Anti-Money Laundering Directive Comes Into Force
3 August 2015
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The Fourth Anti-Money Laundering Directive introduces an enhanced risk-based approach, which significantly increases the requirement on entities to identify and assess the risks of money laundering and terrorist financing in every individual business relationship and transaction.
In addition, the Directive increases the transparency requirements surrounding beneficial ownership, by requiring companies to maintain detailed records evidencing such ownership and making them available on a central register. The Directive also removes the distinction between “external” and “internal” politically exposed persons, meaning that a higher degree of caution and diligence will be required even when dealing with domestic PEPs.
The Directive introduces increased focus on senior management who will have to ensure that they are adequately trained and prepared to meet the Directive’s requirements.
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