Tag: Financial Fraud

5 things you need to know about the fourth anti-money laundering directive underway in the European Union.

It isn’t always easy to get multiple stakeholders to agree to change. But after much discussion (and some bickering), the European Union finally passed the Fourth Anti-Money Laundering Directive earlier this year. Financial institutions operating in an EU member state have until 2017 to meet the new reporting and disclosure requirements aimed at disrupting terrorist financing, corruption and money laundering. And in just a few months, financial institutions need new account onboarding procedures put into place no later than January 1, 2016.

In a nutshell, here’s what you need to know:

• The entire gambling spectrum is now subject to these regulations, not just casinos.
• Enhanced customer due diligence is required.
• The cash payment threshold was lowered to €7500.
• Click here to read the rest of this post on Medium.com.