Risk Assessment (NRA):

The directive requires the European Commission and national governments to review the risks related to BC/FT every four years.

These assessments must be accessible to regulated entities concerned.

Financial Intelligence Units:

The revised version of the 6AMLD strengthens the autonomy and independence of Financial Intelligence Units (FIUs) by requiring them to have adequate financial, human, and technical resources.

For increased transparency, the FIUs must provide feedback on suspicious activity reports and publish annual reports on reporting trends.. They must also partager ces informations with other public entities involved in the fight against money laundering and terrorist financing.

Supervision

The 6AMLD establishes precise requirements for various financial sectors, requiring, among other things, that money service businesses, cheque cashing businesses, and trust or company service providers are duly authorised or recorded.

The Providers of gambling services must also be regulated.

Businesses offering services under the EU's freedom to provide services, such as E-money issuers, crypto-asset service providers (CASPs), and payment service providers are required to designate central contact points for supervisory authorities.. In the case of cross-border operations, the country of origin is responsible for regulating these activities.

The 6AMLD also specifies the functions of supervisory authorities and detailed information about the type of surveillance to be provided to regulated entities.

She also highlights the the necessity for supervisors to conduct outreach activities and to report any suspicions to the relevant financial intelligence units.

Integrity of senior management and beneficial owners:

The 6AMLD directive establishes strict probity criteria for senior managers and beneficial owners of regulated entities.

She demands that these individuals be regularly evaluated to ensure their «honour and competence», meaning they must demonstrate honesty, integrity, and the necessary knowledge and expertise for their roles.

The directive also states as clearly thatperson convicted of BC/FT criminal offences or to other relevant offences, must not hold positions of responsibility or be the beneficial owner of a regulated undertaking. In the event of a conviction, these individuals must be removed from their posts and relinquish their interests in the company.

Furthermore, the supervisory authorities have the power to impose temporary bans to managers who do not meet the required integrity and competence standards.

Sanctions

The European directive requires Member States to implement effective, proportionate and dissuasive administrative sanctions to respond to serious, repeated or systematic breaches of anti-money laundering rules by the entities concerned.

These sanctions also target individuals responsible for infringements, ensuring that personal responsibility is engaged.

The specified financial sanctions include payment of twice the amount of the benefit gained from the infringement or a minimum of €1 million for all entities.

For financial or credit institutions, the fines are even higher, with penalties of 10 million euros or 10 % of total annual turnover, whichever is higher, and a cap of 5 million euros for individuals.

Of’other corrective measures may be applied, such as the publication of public statements detailing failings, cease and desist orders for non-compliant conduct, withdrawal or suspension of authorisations, and the imposition of professional bans on senior management.

This sanctions are made public by the supervisory authorities to enhance transparency and deterrence in the context of AML/CFT.

Beneficial Ownership Registers:

The European directive aims to improve the transparency of information concerning beneficial owners. According to this directive, All data entered into the registers must be verified by the public entity. Manager of the registry as well as by the entities obliged to provide this information.

The European directive requires Member States to put in place Mechanisms for quickly identifying any inaccuracies or discrepancies in beneficial ownership registers.

The entities managing these registers are required to rectify the reported discrepancies within 30 days, unless the issue is complex and requires further investigation. These entities also have the power to conduct direct investigations to clarify these inaccuracies and discrepancies, based on risk, and can impose sanctions in cases of non-compliance.

The directive does not make public access to these registers compulsory, but Specify what information must be available to the public., journalists, and civil society groups, particularly when there is a legitimate public interest.

Asset register

To strengthen the fight against money laundering and the financing of criminal activities, the 6AMLD recommends the’establishment of cross-border central registers and electronic search systems for banking and real estate data. This initiative aims to simplify the identification of holders of bank accounts, safe deposit boxes, and real estate properties, which is currently complicated by data fragmentation.

Whistleblower Protection

More detailed requirements are set out, particularly regarding personal data protection and judicial protection.

Processing of personal data:

The directive Clarify the legal basis for processing personal data in the context of preventing money laundering and terrorist financing.