The implementation of the new European Union's Fifth Money Laundering Directive (EU5MLD) came into force on 10th Jan 2020 and affects a number of businesses across industries including:
- Real Estate
- Banking & Finance
- Credit Institutions
- Legal Professionals
- Auditors, Accountancy & Tax Advisors
- Gambling Services
With an increased focus on ongoing monitoring and evidencing sufficient customer due diligence, electronic AML checks are becoming more favourable to businesses in managing their compliance.