Mitigating Business Verification Complexity with The KYB in Mena Region.

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What’s inside the Whitepaper?

  • A Brief History of AMLD
  • The significance of 6AMLD for businesses and recent updates
  • Biggest challenges faced by Fintech industry
  • Regulation and variation: Where 6AMLD is implemented?
  • Difference between 5AMLD and 6AMLD
  • Risks and opportunities of 6AMLD
  • What does the future of 6AMLD hold; centralized control, rigid regulations, and more
  • Is 7AMLD on its way to revolutionize the business operation
  • How to maintain compliance with the AML regulation

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    Key Highlights

    Adopting the 6th Anti-Money Laundering Directive, or “6AMLD,” which went into effect in June 2021, is one of the most significant recent developments with the recent update in March 2023 for compliance teams or any firm that is required to follow AML/CTF standards.

    6AMLD is a significant shift in EU policy that follows several high-profile businesses that cast doubt on the efficacy of the EU’s AML strategy. In March, the EU updated the AML/CFT policies, discussed the single rulebook regulation, and established the European Anti-Money Laundering Authority (AMLA) to increase the stringent regulatory approach to AML.

     

    Any business operating in the EU premises that wishes to avoid fraud and non-compliance fines in 2023 must invest in the appropriate AML-KYB technology. Nonetheless, businesses must ensure they have robust, flexible procedures that can adapt to the regulatory landscape to prepare for future changes.

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