6AMLD - Non-covid-19-related issues to keep an eye on
13/05/2020
EU countries are required to transpose the 6th Anti-Money Laundering Directive (6AMLD) into national law by 3 December 2020. After this, relevant regulations must be implemented by businesses by 3 June 2021.
- While the 5th Anti-Money Laundering Directive, which came into force earlier this year, was mostly aimed at increasing transparency,
- the 6AMLD lays down minimum requirements for the definition of the crime of money laundering, effectively setting an EU-wide minimum standard for member states to combat money laundering using criminal law.
For teams in the UK, the deadline of 3 December still applies, so if the withdrawal agreement is ratified, then the UK will enter a transitional period for Brexit which would last beyond the date of implementation and would mean the country is likely bound to implement the requirements of the directive.
Regulators will expect companies to have carefully considered the amendments and any guidance given by local authorities and make appropriate changes to reflect these.
For companies doing business across the EU, the extension of criminal liability for money laundering should be closely watched, and
Concerning the above compliance teams are well-advised to carefully look at their AML-compliance systems, particularly their suspicious activity reporting (SAR) processes to ensure that they are up to scratch.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.