The European Union Fourth Anti-Money Laundering Directive is the most sweeping AML legislation in Europe in several years. On 25 June 2015, the EU Fourth Directive was enacted, which replaces the previous Third Directive. With a two-year window for implementation, all EU member states must be compliant with the new mandates by 26 June 2017.
So, what do these changes entail?
ACAMS provides this library as a free resource for Money Laundering Reporting Officers and compliance professionals. Bookmark this page to stay on top of the latest updates and information regarding the EU Fourth Directive, as this site will be updated regularly.
- Enacted on 25 June 2015
- Full implementation by 26 June 2017
- Replaces the EU Third Anti-Money Laundering Directive
- Emphasis on ultimate beneficial ownership and enhanced customer due diligence (CDD)
- Expanded definition of a politically exposed person (PEP)
- Cash payment threshold lowered to €10,000
- Expanded to included entire gambling sector beyond just casinos
- Enhanced risk-based approach, requiring evidence-based measures
- Europe’s Upcoming Fourth AML/CFT Directive
- Reining in Tax Evasion: The road to FATCA and the Fourth EU Directive – Customer Diligence Requirements Revisited
- Redefining due diligence: A paradigm shift for AML/BSA compliance