6AMLD - Non-covid-19-related issues to keep an eye on
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.