Cryptocurrencies or crypto-assets have gained a lot of popularity over the past few years. In particular, during the latter part of 2017 market capitalizations for many of the more prominent cryptocurrencies reached all-time highs. Along with their increased popularity, cryptocurrencies […]
AML in Austria: Regulations and Compliance Austria is one of Europe’s major financial hubs, attracting a range of commercial business interests and offering financial services to customers from all over the EU and the world. The primary financial regulator in […]
The European Union’s Fifth Anti Money Laundering Directive (5AMLD) came into force across all member states on 10 January 2020. The directive set out a range of requirements and amendments to EU AML legislation, including the introduction of a legal […]
It’s no secret that fighting financial crime depends on knowing your customers. Yet current AML/CFT regulations provide merely a starting point for this. The emphasis regulators place on taking a risk-based approach leaves much to an individual financial institution’s best […]
The Financial Supervisory Authority of Norway (FSA), known as Finanstilsynet, is the primary government agency responsible for the supervision of Norway’s financial system and is tasked with oversight of all banks and financial institutions within the country. In its supervisory […]
AML in The Netherlands: FIU (The Financial Intelligence Unit) Money laundering is a growing problem in the Netherlands, with estimates suggesting that around €16 billion in illegal funds is laundered there every year — money derived from a range of […]
The EU has long tried to get a handle on which predicate offences drive money laundering. Now, with the latest anti-money laundering directive set to be transposed into law in December 2020, many new predicate offences will need to be […]
We finished the first part of this blog with the introduction of 3AMLD in 2005. At this point, the EU had in place an already extensive framework of AML and CFT obligations, including Customer Due Diligence (CDD)/Know Your Customer (KYC) […]
Over the last twelve months, the European Union (EU) has been considering how to renew its attack on money laundering, following a wave of anti-money laundering (AML) control failures at Northern European banks and linked scandals about potential illicit flows […]
A Guide to the 6th Anti-Money Laundering Directive Since 1991, the EU’s strategy for tackling money laundering has centered on the transposition of a succession of Anti-Money Laundering Directives into the national laws of the member states. 5AMLD extended existing AML […]
There has been an expectation that with a cashless society imposed by the global pandemic, the financial crime rate would fall. There was a general belief that at least crime may falter on the physical front as criminals shifted to […]
Following the succession of five previous anti-money laundering directives (AMLDs), the 6th Money Laundering Directive reinforces the foundations of the European Union’s anti-money laundering and combatting the financing of terrorism (AML/CFT) framework. The first AMLD came into force in 1991 […]
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