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AML/CFT, the regulatory arsenal is being strengthened! Overview of these new weapons and what they mean for bankers and insurers

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In response to the increase in terrorist attacks in Europe since 2015, the European Parliament adopted in May 2018 a revision of the 4th AML/CFT Directive on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing. The objective of this revision is to define a global legislative framework to fight against the use of financial assets for terrorist financing or money laundering, while preserving the functioning of payment systems.

Our study presents the main changes in these regulations and measures the impact of compliance for banks and insurance companies.

Authors

Guillaume Louvet

Partner - Finance, Risk, Compliance, Data & Sustainability

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Publication

AML/CFT, the regulatory arsenal is being strengthened!

  • Blog
  • Business insights
  • Efficiencies of organisations
  • Regulatory And Compliance
  • Retail Banking
  • Trends

While banks have invested heavily in their fight against money laundering and terrorist financing in the 2000s and 2010s, the 5th Directive at the beginning of 2020 and the latest iCIJ revelations show that these efforts must be maintained over time. On the occasion of this new spotlight on money la