Everything that an Obligatory Subject needs to know and apply

AML6

What is AML6?

AML6 is the latest EU standard for the prevention of money laundering and terrorist financing. This new anti-money laundering regulation presents several advances compared to its predecessor, the still in force AML5. As of June 3, 2021, all organizations that have not adapted to the new requirements will be sanctioned.

The AML6 is included in Directive 2018/1973 of the European Union (EU) and stands out for the increase in control and the toughening of sanctions for financial institutions. Especially those that do not comply with the necessary anti-money laundering security requirements. This new law seeks to unify all European anti-money laundering regulations. As well as, better define the responsibility of the obligated subjects, especially in Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes.

The main changes included in AML6 are:

  • Banks and other financial entities are responsible when they do not carry out sufficient supervision and control. Making crimes such as money laundering possible. Hence the importance of having highly secure online onboarding processes for opening accounts.
  • Jurisdiction is expanded and sanctions are raised, citing jurisprudence worth more than 100 million dollars.
  • Other consequences for financial institutions that are found guilty would be: temporary or permanent closures, loss of the right to receive state aid, judicial surveillance and even imprisonment of the responsible professionals.

ARCHITECTURE

Mainly based on container and microservices technologies, backed by the cloud and blockchain.

APIS DEVELOPMENT

Third-party companies can make use of these application development interfaces, upon payment of an amount if considered so.

TR. DIGITAL

Payment service providers can offer interesting products for ordinary customers. Opening to ‘fintechs’.

AUDITS

Comprehensive internal control is required in banking entities and the services offered to third parties.

Services we offer

At NeoCheck we have the mission of bringing our 20 years of experience in maximum security solutions such as border control, to the financial sector. Our KYC onboarding and KYB onboarding solutions perform the most exhaustive verification of the identity of natural and legal persons. Likewise, we collate the information against more than 1600 public and private control lists. We have alliances with the best private databases in the world.

Thanks to the most advanced technology in computer vision, artificial intelligence and machine learning, we managed to reduce to second processes that previously lasted minutes or even days. The best way to protect yourself from high-risk customers, ensure transparency and security of transactions quickly and effectively is the secure and auditable digitization of processes.

Obliged subjects to which the new AML6 or 6AMLD regulations against money laundering are applied are financial institutions (credit, payment methods, electronic money, investment), as well as insurers, advisers, notaries, lawyers or even real estate agents in the case of exceeding a total amount of transactions of 10,000 euros.

Basically, companies face three great challenges:

  • Maximize the security of your processes to comply with all the requirements of the law against money laundering.
  • Reduce the costs involved in implementing the changes and improvements necessary to comply with the law.
  • Still offer the end customer an experience as agile and satisfactory as possible, to avoid losing them.

Companies will have to re-verify the identity of their customers when their risk status changes. Additionally, full identity checks using onboarding processes (KYC) and anti money laundering control lists (AML) must now be performed for customers who were previously outside the scope of regulations.

AML5 affects companies from multiple sectors, highlighting among them online gaming providers, cryptocurrency platforms, providers of cryptocurrency wallets and insurance policy, which are required to identify and verify the identity of customers through remote identification processes. or electronic that are regulated and approved in the regulation eIDAS Regulation.

To know more

If you want to know a little better about our processes and the solutions that we propose, you can continue reading about:

KYC-ONBOARDING
mobile app
document verification

Find out what can we do for you

In NeoCheck® we strive to satisfy all the needs of our customers in terms of Document Verification and Biometric Identification. From web-based solutions, mobile applications to specialized components (we have our own research and development team). And of course, we try to deploy the most advanced and flexible technology at affordable prices, as well as providing them with the best support. Therefore, we regularly organize online courses and workshops related to the world we know best: Document and ID Verification.

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