The fourth Money Laundering Directive (EU) 2015/849 was published on 5 June 2015 in the Official Journal of the European Union. The Money Laundering Directive is intended to eliminate existing shortcomings in preventing money laundering and the financing of terrorist activities that were identified by the Financial Action Task Force (FATF) in Germany and other EU countries.
The following subject areas are affected by changes and additions to the Money Laundering Directive:
- Strengthening the risk-oriented approach
- Expanding the powers of sanction in the event of infringements upon the Directive
- Obligations to customers to exercise diligence are subject to stricter regulations
- Inclusion of data protection provisions
- Expansion of the scope of those to be covered by the Directive
Improvement of the exchange of information with the European Supervisory Authorities
and the Commission as well as between the reporting offices Specification of the requirements for e-money products as well as activities conducted on the internet
In the event of non-compliance with the legal provisions, the institutes face considerable consequences. Besides damage to their reputation, they should expect monetary fines, special audits and strict sanctions.
Roever Broenner Susat Mazars is the ideal partner for credit institutions and financial service providers of all sizes for the best-possible implementation of the requirements for preventing money laundering. We are very familiar with the topic from our activities as auditors and countless special audits at the behest of the German Federal Financial Supervisory Authority.
At Roever Broenner Susat Mazars we offer tailored advising with a comprehensive approach in order to protect your institute from organised crime as best as possible.
Our services at a glance:
- Assistance with the implementation of the fourth EU Money Laundering Directive
- Assumption of the role of Money Laundering Officer
- Implementation of internal protective measures and documentation thereof in accordance with regulatory requirements
- Preparation of a risk analysis
- Quick check of the organisation to prevent money laundering
- Preparation of a special audit in accordance with Section 44 of the Banking Act (KWG)
- Conducting workshops and seminars on the prevention of money laundering that are tailored to the needs of our clients
If you have any questions regarding the services listed here, please contact the following contact partners directly.