AMLD5 Summary: EU's Framework Against Money Laundering & Terrorism

Taking stock of the the EU's latest AML legislation.

The European Union's fifth anti-money laundering directive (AMLD5) was adopted in June 2018 and is due to be implemented by all EU member states by January 2021. AMLD5 is a significant piece of legislation that introduces a number of new measures to combat money laundering and terrorist financing.

One of the key changes introduced by AMLD5 is the requirement for all financial institutions and other businesses that are considered to be "high-risk" for money laundering to conduct customer due diligence (CDD) on their customers. CDD involves verifying the identity of customers and obtaining information about their source of funds.

AMLD5 also introduces new requirements for businesses to report suspicious activity to the authorities. This reporting obligation is designed to help law enforcement agencies to identify and investigate potential money laundering and terrorist financing activities.

In addition to these new requirements, AMLD5 also strengthens the penalties for non-compliance. Businesses that fail to comply with AMLD5 could face fines of up to €10 million or 5% of their global turnover.

Implications for Businesses: Compliance Challenges and Opportunities under AMLD5

AMLD5 is a significant piece of legislation that will have a major impact on businesses across the EU. By implementing the requirements of AMLD5, businesses can help to protect the financial system from money laundering and terrorist financing.

Togggle is a cloud-based platform that helps businesses to automate their KYC and AML compliance processes. Togggle's platform provides businesses with a single solution for conducting CDD, verifying customer identities, and reporting suspicious activity.

Togggle's platform is easy to use and can be integrated with existing business systems. Togggle also offers a range of support services to help businesses to get the most out of their platform.

By using Togggle, businesses can save time and money on their KYC and AML compliance processes. Togggle can also help businesses to improve their compliance with AMLD5 and other anti-money laundering regulations.

Deploying Automated KYC and AML Checks For AMLD5 Compliance

Togggle offers a range of automated KYC, AML, and AML checks that can help businesses to comply with AMLD5. These checks include:

• Customer identity verification: Togggle's customer identity verification checks verify the identity of customers and obtain information about their source of funds.
• Sanctions screening: Togggle's sanctions screening checks identify customers who are subject to sanctions.
• PEP screening: Togggle's PEP screening checks identify customers who are politically exposed persons.
• Transaction monitoring: Togggle's transaction monitoring checks identify suspicious activity.

1-Click AML Checks & Perpetual AML

Togggle's 1-click AML checks make it easy for businesses to conduct AML checks on customers. With Togggle's 1-click AML checks, businesses can simply enter a customer's name and email address to conduct a check.

Togggle's 1-click AML checks are a quick and easy way for businesses to comply with AMLD5. By using Togggle's 1-click AML checks, businesses can quickly and easily identify customers who are at risk of money laundering or terrorist financing.

AMLD5 is a significant piece of legislation that will have a major impact on businesses across the EU. By implementing the requirements of AMLD5, businesses can help to protect the financial system from money laundering and terrorist financing.

Togggle is a cloud-based platform that helps businesses to automate their KYC and AML compliance processes. Togggle's platform provides businesses with a single solution for conducting CDD, verifying customer identities, and reporting suspicious activity.

Togggle's platform is easy to use and can be integrated with existing business systems. Togggle also offers a range of support services to help businesses to get the most out of their platform.

By using Togggle, businesses can save time and money on their KYC and AML compliance processes. Togggle can also help businesses to improve their compliance with AMLD5 and other anti-money laundering regulations.