Get up to speed with financial regulations, KYC and due diligence requirements, and AML, CFT, Sanctions and anti-bribery policy.
Anti Money Laundering Directive (AMLD) is a set of regulatory requirements issued by the European Union (EU) containing rules to combat money laundering and terrorist financing by EU member states.
The Anti Money Laundering directive aims at protecting the financial system by mandating requiring procedures for prevention, detection and investigation of money laundering and terrorist financing.
AMLD is applicable to credit institutions, financial institutions, certain natural or legal persons acting in the exercise of their professional activities (such as auditors, notaries, trust or company service providers, persons trading in goods to the extent that payments are made or received in cash in an amount of € 10,000 or more, providers of gambling services).
Key elements in AMLD regulations are:
1. A risk-based approach which requires evidence-based decision making
2. Ongoing risk monitoring
3. Customer Due Diligence (CDD) procedures that mandate Identity authentication and verification based on government issued face ID documents and personal data verification and screening
4. Policies on data protection
5. Record (and audit trail) keeping