The 6th Anti-Money Laundering Directive (6AMLD)

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The 6th Anti-Money Laundering Directive (6AMLD) is a European Union (EU) directive that establishes new rules and requirements for preventing money laundering and terrorist financing. The directive was adopted in 2018 and became effective in 2020.

Some of the key provisions of the 6AMLD include:

  1. Expanded scope: The 6AMLD expands the definition of “obliged entities” that are required to comply with anti-money laundering (AML) rules to include a wider range of businesses and professions, such as art dealers, lawyers, and accountants.
  2. Enhanced due diligence: The 6AMLD requires obliged entities to perform enhanced due diligence on high-risk customers and transactions and to report suspicious activities to the relevant authorities.
  3. Beneficial ownership: The 6AMLD requires companies and other legal entities to disclose information about their beneficial owners (i.e., the individuals who ultimately own or control the entity) to national authorities and to make this information publicly available.
  4. Centralized bank account registers: The 6AMLD requires EU member states to establish centralized bank account registers to help authorities identify the beneficial owners of bank accounts.
  5. Enhanced cooperation: The 6AMLD requires EU member states to cooperate more closely with each other and with third countries in the fight against money laundering and terrorist financing.

Overall, the 6AMLD aims to strengthen the EU’s AML framework and make it more effective in combating financial crime. It is important for businesses and other obliged entities to understand and comply with the requirements of the 6AMLD in order to avoid potential penalties and reputational damage.