Anti-Money Laundering: new rules and regulations in play
Jonathan Grimes
Nicola Finnerty writes for E Financial about the money laundering clampdown across the major financial centres in light of recent events at Deutsche, Dankse and ING.
A new Money Laundering Directive (4MLD) came into effect in June 2017 impacting not only on financial institutions and designated non-financial businesses but also gatekeepers of the financial system (such as accountants, lawyers, estate agents and trust companies). This imposed more stringent customer due diligence requirements and training and control procedures as well as a new criminal offence for individuals who recklessly make a statement which is false or misleading, in the context of a money laundering investigation.
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