The Fifth Money Laundering Directive

BREXIT and the General Election both contributed to the delay in the Government passing into UK law the Fifth Money Laundering Directive. The amendment to existing legislation tabled on the 20th December has left precious little time for firms to take immediate action to ensure that they meet the revised regulatory requirement.

Money laundering undermines the integrity and stability of our financial markets and institutions. It is a global problem and represents a significant threat to the UK’s national security. Money laundering is a key enabler of serious and organised crime, which costs the UK at least £37 billion every year.

The 5th Directive was issued by the EU Commission following widespread tax evasion revelations in the Panama Papers and terrorist attacks in Nice and Brussels in the summer of 2016 and is intended to build on earlier directives by boosting existing transparency rules.

The essence of the Directive boils down to one thing: Knowing Your Client. The new requirements also widen the net in regard to who is required by law to comply and carry significant penalties for those who fail to meet them.

How can Opus help

Clarity KYC, the Opus SaaS workflow solution that facilitates compliance with Know Your Customer / Anti-Money Laundering (KYC/AML) requirements.

Clarity KYC integrates business entity identification, screening and due diligence, reporting and monitoring into a single intuitive solution to accelerate compliance with Know Your Customers / Anti-Money Laundering (KYC/AML) requirements.

We have recently partnered with OpenCorporates that further enables Opus clients to onboard and monitor for KYC with confidence and in a fraction of the time it used to take. Clarity KYC is built on a proven, enterprise-grade cloud platform that supports the world’s largest financial institutions and is powered by Opus Data Solutions, the world’s largest source of cross-indexed entity reference data.

OpenCorporates is the largest open database of companies in the world and the leading source for “white box” company data and provides Opus customers the official business register information of 180 million companies, covers 130 jurisdictions including all US states and is fully integrated with Clarity KYC company and officer search. “OpenCorporates,” Kelvin Dickenson, President of Opus said, “combined with our unique embedded Google search technology and access to the world’s largest selection of premium risk relevant data providers, makes Clarity KYC the leading choice solution for KYC/CDD/EDD/CIP due diligence.”

For more, download our Factsheet: Opus on 5MLD

Richard Saville
Solutions Consultant & GDPR Expert