EU: the impact of the 4AMLD and PSD2 on remote customer KYC identification
21 Nov 2016

The EU has strengthened transparency rules to tackle terrorism financing, tax avoidance and money laundering throughout Europe.

This has led to the introduction of the Fourth Anti-Money Laundering Directive (4AMLD), together with the Payment Service Directive 2 (PSD2). Each of these regulations requires consumers to identify themselves to regulated sector businesses under a process known as Know Your Customer (KYC).

Digital identity poses an array of challenges for the consumer and the merchant. The requirements for KYC have significantly evolved from the Third AML Directive (3AMLD) to the 4AMLD, especially where remote services are delivered via the internet. As regulated sector businesses adopt online delivery platforms, the challenge to remotely identify customers has become increasingly more complex.

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.