Anti-money laundering (AML)
Anti-money laundering and terrorism prevention laws are constantly getting stricter. The new AMLD 5 directive is now being implemented in European Member States, and it sets strict requirements on regulated industries. Companies have to prepare internal procedural rules on how they KYC clients, how they do risk-assessments, which documents are required based on the client risk profile, and many occasions need to have dedicated AML departments.
The European Union’s Fifth Anti Money Laundering Directive (AMLD5) was adopted by the European Parliament on April 19, 2018. AMLD5 aims to reduce the capabilities to exploit identified loopholes by criminals and better counter terrorism financing. This happens notably by increasing transparency about who really owns legal entities and trusts, broadening the criteria for assessing high-risk third countries and ensuring a common high level of safeguards for financial transactions from such countries. The directive tackles terrorist financing risks linked to anonymous use of virtual currencies and pre-paid instruments, by extending the scope of regulated entities and inducing professionals to resort to the latest digital solutions for AML/CTF.
- Internal procedural rules to comply with the AML regulations
- Map out KYC procedures and processes
- AML trainings for employees
- Recruitment of chief compliance officer
All businesses are collecting data of their clients. Data is valuable, as it helps you to optimise your offers, target the right people with specific interests, and build products based on the information you collect. Due to various data leaks in recent years the topic of privacy is not just important, but neglecting the requirements can turn out to be very costly. Companies need to have their GDPR policy in place, and relevant employees have to know how to process, protect and store the data.
Comistar has AML and GDPR experts who help you to draft required documents and implement the necessary procedures within your firm.
The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in 20 years. The aim of the GDPR is to protect all EU citizens from privacy and data breaches in today’s data-driven world.
- Drafting the GDPR policy of the company
- Map out the data processing procedures
- Employee trainings on GDPR-related issues