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AMLD IV adds fuel to KYC utility model
Archive
06 Mar
2014

AMLD IV adds fuel to KYC utility model

  • 6th March 2014
  • RegTechFS

JWG analysis. The European Parliament recently published (here) the latest amended text of the proposed 4th Anti-Money Laundering Directive (AMLD IV), which includes measures to help simplify the way firms conduct KYC today, and adds weight to the KYC utility business model by requiring the industry to maintain accurate and timely data on beneficial ownership. Read More

23 Jan
2014

The drive for tax transparency: A new political agenda for AMLD IV

  • 23rd January 2014
  • RegTechFS

JWG analysis. The new political drive towards tax transparency is landing in money laundering legislation, and complicating an already complex landscape. G8 Leaders, as a result of the summit held in June last year, committed to publishing ‘action plans’ setting out the concrete steps they will take to combat tax evasion. It appears that those Read More

18 Jun
2013

How high? Re-setting the KYC bar

  • 18th June 2013
  • RegTechFS

Regulators are busy raising the bar for KYC systems and controls. With conflicting purposes and customer data objectives, new guidance and industry solutions are needed in 2014 2013 has been a busy year for both rule-makers and financial institutions as far as KYC requirements go. Aside from the finalisation of a vast array of trading Read More

29 Apr
2013

AMLD IV: Prove you’re doing it right

  • 29th April 2013
  • RegTechFS

Anti-Money Laundering systems and controls continue to make news in the wake of the high profile failures of 2012. On 5 February, the proposal for the updated EU Anti-Money Laundering Directive was finally released. The proposal imposes a number of new requirements significantly increasing the scope and volume of firms’ KYC processes likely to be Read More

25 Feb
2013

FATCA: Joining the KYC dots

  • 25th February 2013
  • RegTechFS

FATCA compliance might not need a separate programme – it ought to be covered by the same approach as AML, RDR and KYC regulations, among others. The recent high profile decision by the board of Wegelin, Switzerland’s oldest bank, to close after helping US citizens evade taxes of $1.2 billion in offshore holdings, has ensured Read More

06 Feb
2013

AMLD IV: Customer data review required?

  • 6th February 2013
  • RegTechFS

After evading settling on a concrete date for the release of the fourth Anti-Money Laundering Directive until quite recently, the directive proposal has finally seen the light of day. It is, on the whole, consistent with the FATF recommendations of April 2012, which was largely expected. The definition of politically exposed persons (PEPs), long a Read More