Directive EU 2015/849

This directive amends Regulation 648/2012 and repeals the third EU anti-money laundering directive (Directive 2005/60) to remove ambiguities and increase consistency of AML regulations and procedures across member states of the EU.

The Fourth AML Directive reflects new recommendations made by the Financial Action Task Force. Under the new directive all member states of the EU will be required to demonstrate proof of ability to identify and manage AML/CTF risk. Other notable changes made to the existing legislation include:

• New minimum factors that much be considered before applying Simplified Customer Due Diligence (SCDD) to any customer;
• An extended definition of a Politically Exposed Person (PEP), such that domestic PEPs are now covered;
• An explicit requirement for legal entities to hold accurate, up to date information on their own beneficial ownership and be able present it upon request;
• The inlcusion of a formal definition of “senior management” with respect to AML.

Fines for non-compliance will be of at least €5 million or 10% of business’ annual turnover. Compliance is mandatory as of June 26th, 2017.

AML Q&A Full Text

Companies within the financial sector, lawyers, notaries, accountants, gambling operators, trust providers, real estate agents, and providers of goods, when payments of more than €10,000 are made in cash.

https://en.wikipedia.org/wiki/Money_laundering#Anti-money_laundering