MC2BIS NEWSBLOG

4th EU Directive: What is the Impact on Private Bankers and Wealth Managers?

Matthias Verbeke - August 4, 2015

Open questions inviting a debate! Participate with us.

At a high level, AML IV will expand the scope of customers and entities subjected to due diligence, require firms to maintain flexible risk processes and demand reporting to beneficial ownership registries. How does this affect the Private Banking and Wealth Management industry?

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Private Banking and Wealth Management Red Flags

Matthias Verbeke - August 4, 2015

A lot has been published on AML red flags for the banking industry. Many typologies exists, going from the FATF recommendation to standard detection scenarios provided by AML vendors or consultants. But how much of this is applicable to the private banking and wealth management industry?

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The 4th Anti Money Laundering Directive: The New Rules in the Fight against Money Laundering and Terrorism Financing

Matthias Verbeke - May 28, 2015

Introduction

The Fourth EU Anti Money Laundering Directive (4thAMLD) is designed to update and improve the EU's Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws. This new directive is in line with the recommendations issued in 2012 by the Financial Action Task Force (FATF), the international global AML and CTF standard-setting body.

This 4thAMLD reinforces the 3rdAMLD which already requires that certain categories of persons and businesses apply AML and CFT Rules.

The 4thAMLD was voted on the 20th of April 2015 by the European Parliament.

Under the name obliged entities,the reader must understand, credit and financial institutions, natural and legal persons acting in the exercice of their professional activities as auditors, external accountants, notaries, legal professionals, trust, company services providers, estate agents, providers of gambling services and other professionals with trading in cash above 10.000 €.

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