Apr 26, 2021

Deadlines and steps for 6AMLD: Countdown begins

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Deadlines and steps for 6AMLD: Countdown begins

6AMLD continues the fight AML5 began against money laundering and will expand the possibilities for greater digital relationships between users and companies.

In a previous article, we delved into the changes introduced by 6AMLD regarding AML5. In this text, we will try to review what 6AMLD is, understand the evolution of the rule, its application deadlines and the proper steps for the adoption of it by companies.

What is 6AMLD?

6AMLD (or AML6) is the European regulation that resembles Directive 2018/1673 of the European Union. 6AMLD, by its acronym Sixth Anti-money Laundering Directive, hardens the definitions of crimes provided in the already in force 5AMLD Regulation. It also clearly establishes the steps to be followed by judicial institutions to apply the penalties for its non-compliance.

6AMLD establishes the key points for crime evidence, expands its scope of action and advances in crypto-currencies regulation. The directive follows AML5 path, allowing remote customer identification methods and online onboarding in a completely safe and legal approach, equivalent to face-to-face. This helps companies reduce time, bureaucracy and costs while improving the user experience.

Discover in depth the changes introduced by 6AMLD by clicking here.

6AMLD: Application deadlines and dates

6AMLD was approved on October 23, 2018, by the European Parliament and Council. From that moment on, states must begin to raise the introduction of it in their own laws.

The directive must be transposed into its regional legal systems for its effective application and compliance before December 3, 2020. It is on this date when business organizations must meet the challenges and requirements proposed and required by the new AML6 directive.

The key date on which sanctions will begin and on which both public and private organizations of all states will be sanctioned if they have not previously adapted to AML6 is June 3, 2021. All companies must have audited their processes and fitted them to the regulations for that date.

How to prepare for AML6

It is essential to adopt the directive before its application is effective since there are always unforeseen events and delays in updating and improving processes. Moreover, adapting the different processes of the company to 6AMLD will only bring benefits.

Legal, regulatory and compliance departments of companies fight against two major challenges: complying with a set constantly changing money-laundering regulations and minimizing costs of processes necessary to succeed in their compliance

Meanwhile, marketing and sales departments focus their efforts on optimizing their conversion funnel and offering customers a smooth and enjoyable experience.

Download here this complete guide with all the keys on digital onboarding methods.

In this scenario, the RegTech companies offer expert and competent support not only to adapt to new regulations such as AML6 but also to update and be aware of the permanent changes; taking advantage of new technological advances to improve its efficiency in processes.

An audit is necessary to verify which company processes are affected by 6AMLD and, subsequently, work with a solution provider that can help the company update and modernize its user relationship processes and fight against money laundering.

eID, RegTech partner to adopt AML6

Electronic IDentification (eID) is the leading company in RegTech solutions for digital client onboarding and identity identification. Our solutions, supported by innovative technologies of artificial intelligence and machine learning, are helping dozens of companies to improve their conversion rates and offer a better experience to their customers.

All our solutions comply with current eIDAS and AML5 regulations, in addition to helping companies reduce bureaucracy and costs in their customer relationship processes. Our products are adapted to comply with 6AMLD from the present moment. 

Schedule an appointment here and access 508 million users thanks to the European standardization of customer onboarding.

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