Keeping AML systems effective and up to date
With the fresh news that the EU Council just agreed on its position on an anti-money laundering (AML) regulation and a new directive, compliance with AML requirements remains a considerable challenge for businesses and professionals in the Baltics. Regulators are already becoming stricter, and are prepared to apply severe sanctions for non-compliance, and recurring mistakes are no longer tolerated.
A pan-Baltic team of WALLESS partner Hannes Vallikivi, associate partners Konstantīns Teļakovs and Simona Vosylienė and legal assistant Svitlana Yelanska shared their insights on “Keeping AML systems effective and up to date“ in the latest Baltic Business Quarterly magazine winter issue.
According to the experts, the biggest issue with AML compliance is outdated, untailored, and ineffective systems. They offer a constructive solution – an audit that would assess the applied ALM systems’ legal compliance and measure their effectiveness.
The entire article can be purchased here: bit.ly/3UKzJ8l
#AML #AMLcompliance #AMLregulation