Transparenz – Eine neue Ära im Steuerrecht

I. S. 83AML – Most important requirements under the 4th EU-AML Directive

A. Introduction

Under the new globally coordinated approach for automatic exchange of information (hereinafter “AEoI”), financial institutions are required to rely on anti-money laundering (hereinafter “AML”) and Know Your Customer (hereinafter “KYC”) requirements to fulfil common reporting requirements. Hence, the following chapter provides an overview of the major obligations and requirements under the recently amended Fourth Anti Money Laundering Directive (hereinafter “4^th AML-D”) with a special focus on related customer due diligence obligations and respective procedures, data requirements (see Sections I.E. and I.F.) as well as ongoing monitoring (see Section I.G.) and reporting obligations (see Section I.H.). In addition, the following chapter gives insights regarding major amendments to the 4^th AML-D as well as the related implementation timeline (see Section I.B.), overall scope of application of the AML-D (see Section I.C.), company risk assessment obligations (see Section I.D.), and general governance and organization requirements according to the management of anti-money laundering and counter terrorist f...