Fourth DIRECTIVE Flashcards
what changes were to the threshold bliged to report suspicious transactions
decreased from EUR 15,000 to EUR 10,000.
persons trading in goods
or carrying out transactions)
what chages were made to casinos
scope of obliged entities was enlarged all “providers of gambling
services.”
what changes were included reagrding transfers of funds e
Customer due diligence is to be applied for transfers of funds exceeding EUR 1,000.
what chaanges were bought for penalties for breach of the provisions,
It now range from “name and shame” to withdrawal of authorization.
what are the Pecuniary sanctions ?
Applicables on Natural person, set to at least EUR five million or 10% of the total annual turnover
for entities.
What is the rules for cooperation mentioned in the Fourth directive
Rules for cooperation between member
state FIUs, the European Supervisory Authorities (ESAs) and the EU Commission.
Is some discretion provided to member
states on the application of the provisions.
it is a directive and not a regulation, this legislative act gives some discretion to member
states on the application of the provisions
what about holding management function by Criminals or their associates,
This law prevents from holding management functions or indirectly
controlling certain obliged entities.
Who will implement the group-wide policies and
procedures
Obliged entities that are part of a group
beneficial ownership , what chages have been made
trusts and similar legal arrangements, will maintain information for beneficial ownership in central registers in each member state,
Who can have access to the Central register
each member state, and must be made available to competent
authorities, financial intelligence units (FIUs), obliged entities, and any person with legitimate
interest.
What is futher included in the term crminal activity
Tax crimes relating to direct and indirect taxes are included in the broad definition of ‘criminal
activity’, in line with the revised FATF Recommendations.
what report dies European Commission has to submit
submit a report every two years on the findings of the risk
assessment of ML and TF affecting the internal Market.
EU executive need to indentify what
identifying third-country jurisdictions having strategic
deficiencies with regard to AML and CFT
Any explations included?
An explanation of “financial activity on an occasional or very limited basis” was included.
what is included for third parties
CDD for third parties, For groups (and their branches and subsidiaries)this directive sets the criteria for adequate
compliance
what is at a national level does the directive requests
directive requests that member states conduct an ML/TF risk assess-
ment as well as designate a responsible authority.
at a national level,directive requests about obliged
entities
take appropriate steps to identify and assess their own risks.
what special attention is given to PEP
enhanced due diligence (EDD) should be
applied to every PEP whether the individual is a domestic or third-country citizen. measures they are subject to must also applied to
their family members and their known close associates
