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6AMLD

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6AMLD: What Financial Institutions Need...

The Sixth Anti-Money Laundering Directive (6AMLD) is a key EU legislation aimed at strengthening...

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6AMLD

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The main changes introduced in the Sixth Anti-Money Laundering Directive (6AMLD) include standardizing the definition of money laundering, extending liability to legal persons, imposing stricter penalties, and emphasizing cross-border cooperation to combat financial crime.

Your business's AML policies and procedures should cover customer due diligence, record-keeping, reporting obligations, risk assessments, enhanced due diligence for high-risk customers, and procedures for detecting and reporting suspicious transactions.

To combat cybercrime and protect against money laundering through digital channels, businesses should implement robust cybersecurity measures, stay updated on emerging cyber threats, and regularly assess and enhance their cybersecurity protocols.

The 6AMLD places additional obligations on businesses to prevent money laundering and terrorist financing, including conducting comprehensive risk assessments, implementing enhanced due diligence measures, maintaining comprehensive record-keeping, and reporting suspicious transactions to the relevant authorities.

Understanding counter-terrorism financing is important as it helps businesses identify and report transactions or activities linked to terrorism financing. Businesses should establish procedures to detect and report such activities and stay informed about the latest counter-terrorism initiatives and guidance from regulatory authorities.

Businesses can foster collaboration and information sharing with regulatory authorities and industry peers by actively engaging in cooperation initiatives, participating in industry forums and associations, and staying informed about emerging trends, typologies, and best practices in AML compliance through knowledge-sharing platforms and networks.

The 6th Anti-Money Laundering Directive (6AMLD) is an EU directive aiming to standardize and strengthen the approach to combating money laundering and terrorist financing across member states.

The aim of the 6th Anti-Money Laundering Directive (6AMLD) is to fortify the EU's fight against money laundering and terrorist financing.

The key changes in 6AMLD include the harmonization of 22 predicate offenses for money laundering, the introduction of tougher penalties, and the inclusion of aiding and abetting, inciting and attempting money laundering as criminal offenses.

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