4th AMLD: Industry Told To Prepare As New Deadline Looms

Legal experts have said payments institutions must be ready to implement EU anti-money laundering reforms by January 1, despite widespread criticism of the new proposed deadline.

If European Commission proposals are formally approved next month, payment service providers and other financial institutions will be required to transpose the entire 4th Anti-Money Laundering Directive (4th AMLD), along with last-minute amendments, in less than four months.

Michael Ruck, a financial crime expert and senior associate at Pinsent Masons, said businesses cannot afford to ignore the possibility that the deadline could be brought forward.

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