Steps to Detect and Mitigate Money Laundering Risks

The Fourth EU AML Directive, enacted on 25 June 2015 and which will go into effect on 26 June 2017 is one of the most significant AML legislations in Europe in several years. The Directive is focused on improving the consistency of AML rules across all EU Member States and more prescriptive regarding the factors necessary to demonstrate that they have taken the appropriate steps to identify, assess, understand and mitigate money laundering or terrorist financing risks. This includes:

  • More specific ongoing monitoring measures
  • Increased beneficial ownership transparency
  • More specific customer due diligence requirements
  • Expanded definition of politically exposed persons
  • Lowering of the payment threshold to €7,500
  • Expanded jurisdiction to include entire gambling sector beyond just casinos and
  • Enhanced risk-based approach, requiring evidence-based measures.

 

Compliance Made Easy

Opus has solutions to address these directives:

  1. Reference Data facilitates the cross-referencing and mapping of entity data to help verify the identity of customers and beneficial owners. Learn more
  2. Alacra Compliance Enterprise facilitates customer due diligence in accordance with EU AML Directives. Learn more
  3. Alacra Surveillance provides the risk-based approach to monitoring money laundering as defined in the fourth AML directive. Learn more