Chapter 1 - Anti Money Laundering Directive (AMLD)

Question 1

What type of approach to money laundering does the AMLD take?

Answer 1

Risk based approach

Question 2

What is a DNFBP under AMLD?

Answer 2

Designated Non Financial Business and Profession:

- Lawyers, accountants, estate agents

Question 3

Which bodies recommendations does the AMLD implement?

Answer 3

Financial Action Task Force (FATF)

Question 4

What was added as part of the 5AMLD?

Answer 4

1. Beneficial ownership
2. Removal of anonymity on unpaid credit cards.
3. Risk of virtual currencies
4. Exchange of info between Financial Intelligence Units (FIUs)
5. Additional checks on transactions with high-risk third countries.
6. Centralised account register or retrieval systems.