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June 4, 2022

1 year anniversary of 6AMLD

By Zoya Malik

Colum Lyons, CEO of ID-Pal, comments on the one-year anniversary of 6AMLD, “On 3 June 2021, it became mandatory for financial institutions to implement the European Union’s 6th Anti-Money Laundering Directive – 6AMLD – into their businesses. One year on, it’s clear robust AML procedures are more important than ever, with two thirds of UK businesses reporting to have fallen victim to fraud in the last two years.

“All financially regulated businesses, many of which process sensitive customer information daily, must ensure they are familiar with 6AMLD best practices and adjust their AML compliance processes accordingly. Fraudsters will exploit every possible loophole to achieve their goals. To combat this, businesses should use multi-layered global solutions such as ID-Pal that can stop fraud at the source. By seamlessly performing multiple checks in real-time on identity documents and the documents holder, organisations can protect themselves and their customers, reducing both upfront and reputational costs to their business.”

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