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..Student’s Name
Professor’s Name
Course
Date
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.
Other Topics:
- Regulations of European Union and Human Rights Act 1998Description: Regulations refer to binding legislative acts which are binding on all member states of the European Union. For example, assuming the European Union wishes to strengthen consumer rights amongst EU states, the European Union can do so by passing a Regulation which will be binding on all the member states. A ...1 page/≈275 words| No Sources | MLA | Law | Essay |
- The Courts, the Prosecution, and the Defense Law EssayDescription: The progression of the American courts can be dated back to as early as 1789 with the enactment of the Judiciary ACT. Precisely, the judicial system composes a dual court structure. The supreme court is at the apex followed by courts at states and federal levels. Despite each court having distinct...3 pages/≈825 words| 3 Sources | MLA | Law | Essay |
- Effect of Trying Children who Murder as Adults Law EssayDescription: The late decade of the 20th century experienced an upsurge in high profile juvenile criminal activities. In tandem with the trend, the early decades of the 21st century have continued to witness violent juvenile crimes with some resulting in murders. There has been an increased public ...2 pages/≈550 words| 2 Sources | MLA | Law | Essay |
