EU Fifth AML Directive: How Banks Can Prepare for Five Key Changes

5AMLD: Preparing for 5 Key Changes

The EU’s Fifth Anti-Money Laundering Directive (5AMLD) was born from the tumult that was 2016. Wikileaks released the Panama Papers in April; the documents detailed how wealthy Europeans laundered money and avoided sanctions to skip paying taxes. In that same year, Europe suffered a string of terrorist attacks, the most deadly of which occurred in July in the French resort town of Nice, killing eighty-seven people and injuring 434 more. Reeling from these events and needing to address the rapid adoption of cryptocurrencies, the European Commission (EC) developed 5AMLD as part of an action plan to prevent “the use of the financial system for the purposes of money laundering or terrorist financing.” 

Download this infographic to quickly understand:

  • The five key changes of 5AMLD
  • What steps banks need to take today to prepare for the January 10, 2020 deadline

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