This past July, the Fifth Money Laundering Directive – also known as 5MLD or 5AMLD – went into effect. Members of the European Union must abide by the laws outlined in this regulation no later than January 20, 2020. As that timeline is now less than 12 months away, it’s critical that businesses have a firm understanding of the directives outlined in the new initiative.
No matter if your company exists in the United States or European Union, there’s a good chance that you must meet AML rules and regulations.
We’ve spent a reasonable amount of time talking about cryptocurrency regulation in the European Union, primarily how it changed thanks to the Fifth Anti-Money Laundering Directive. However, one of the countries that deserve special attention when it comes to cryptocurrency regulation is Switzerland. Because Switzerland is not part of the European Union, they have their own rules in place.
Over the past year or so, cryptocurrencies have worked their way into the spotlight. The digital currencies allow consumers to complete anonymous transactions thanks to blockchain technology – a blessing to consumers and those involved with illegal activities, but a nightmare for regulators.
It is important to note that the world is connected to mobile phones, tablets, and other connecting devices. The use of latest technologies for improve mobile authentication.
With the best and the most advanced outcome on the money laundering stoppage, the APG is regarded as one of the most effective groups.