5th Money Laundry Directive 2019 Law Essay Research (Essay Sample)
the paper requires an outline of what the 5th money laundering directive requires from companies, thresholds of reporting suspicious activities, fines, and changes compared to the 4th eu directive.source..
5th Money Laundering Directive 2019
The 5th Money Laundering Directive (5AMLD) gave several instructions to companies regarding the fight against terrorism financing. Firstly, it requests companies to submit data to the register of beneficial owners regarding the identity of their principal shareholders. This data will be available to the public to foster scrutiny concerning the misuse of legal bodies in money laundering. Secondly, it directs companies, especially financial institutions, to monitor the transactions of its customers. This directive comes due to the increase of anonymous prepaid card owners. Finally, the directive asks companies to conduct due diligence checks on their customers in the Know Your Customer (KYC) obligation (“Directive (EU) 2019/1153”). Customers must identify themselves using formal identification documents before entering new business relationships with companies. Consequently, organizations are required to report any discrepancies that appear during the exercise, following which the customers will have to provide correct information regarding the ultimate beneficial ownership. Organizations dealing with high-value goods such as art and real estate as well as those acting as intermediaries will have to conduct background checks to ascertain their customers' identities.
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