Opus and the 5th Money Laundering Directive
Do you know who you’re doing business with?
Regulators around the world continue to raise the bar with heightened requirements to Know Your Customer (KYC) directives. The 5th Money Laundering Directive (5MLD), effective 10 January 2020, seeks to pre-emptively detect questionable financial activity that may have been hidden by previous KYC checks under 4MLD.
It is of key importance – especially post-Panama Papers – that institutions fully understand the identities of the entities with which they are doing business and the true beneficial owners behind those entities.
5MLD is beginning to have an impact in the battle to curtail global money laundering with the announcement recently that the Cayman Islands would make public, information on the beneficial ownership of companies, prompting anti-corruption campaigners to call on other offshore jurisdictions to follow suit as part of a worldwide crackdown on financial crime.
As regulators become more vigilant, you must be constantly aware of material changes to your customer’s legal form, beneficial ownership and nature of business…download the factsheet to continue reading…