Fri, Dec 19, 2014
Negotiators from the European Parliament and the European Council reached an informal agreement on the EU 4th Anti-Money Laundering Directive. Judith Sargentini, the Civil Liberties Committee rapporteur, stated that the 4th Anti-Money Laundering Directive “will provide much greater transparency of the shadowy business structures that are at the heart of money laundering schemes, as well as schemes used by businesses to avoid their tax responsibility”.
The 4th Anti-Money Laundering Directive requires a risk-based approach to identify and mitigate risks, and firms will need to implement evidence-based measures. Some of the key changes that will be introduced are as follows:
The 4th Anti-Money Laundering Directive must be endorsed by EU member states’ ambassadors (COREPER) and by the European Parliament’s Economic and Monetary Affairs and Civil Liberties, Justice and Home Affairs committees before going through a vote by the European Parliament in 2015.
End-to-end governance, advisory and monitorship solutions to detect, mitigate, drive efficiencies and remediate operational, legal, compliance and regulatory risk.
Kroll’s anti-money laundering (AML) solutions are designed to help minimize the risks associated with money laundering and other illicit activities and to ensure compliance through the development and management of ongoing compliance programs and processes.