Accountants and auditors play an important role in keeping European citizens safe from money laundering and terrorist financing. This factsheet highlights how their day-to-day work will be affected by the 5th EU Anti Money Laundry Directive (AMLD).
The new Directive responds to public calls to counter terrorist financing and to address the lack of beneficial ownership transparency. We set out how the legal requirements will change for accountants.
Most notably we focus on the Directive’s scope expansion, beneficial ownership and enhanced customer due diligence. To help accountants and professional accountancy institutes better understand the changes, we included checklists for dealing with these revised requirements.
See also our SME Infopack on how these new rules impact on every aspect of SME accountants’ daily activities (link below)