5 AML - How can company prepare?

lrotter

Building Trust
Entrepreneur
Hey Guys!
We are thinking about what AML standards must be implemented in accordance with 5 AML that will enforce soon?
Not for exchanges, not for brokers - just for ordinary business, like consulting.
Looking for your thoughts on it
 

xzars

Trusted Member
Business Angel
Is this correct: you are operating a consulting services company; you're not sure what AML (5) due diligence you must perform on your clients?

- If yes, nothing will change for you.
 

lrotter

Building Trust
Entrepreneur
Thanks!
But is there a need to amend AML on website, add something about GDPR?
 

xzars

Trusted Member
Business Angel
GDPR is not related to AML5 in a slightest. Two entirely different topics.

If you collect and store personal data about your customers, GDPR is something you need to take seriously. What I mean by that, just a basic question-answer session on a free public forum will not suffice. You do not know me, and I have no reputation at stake behind my pseudonym. Free advice on regulations and laws is OK for as long as you're able and willing to verify the claims, at least partially.

With that said, assuming you were GDPR compliant in 2018, you do not need to update your website this year. I'm not aware of any relevant amendments. As a website administrator, you can make a one-sentence claim that you comply with GDPR, and provide an external link to current redaction of GDPR. I've seen a few dumbasses copy/paste the entire GDPR document as a supplement to their ToS due to fear and incompetence, including a few reputable banks.
 
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