C6 Intelligence (C6), the leading provider of intelligence that uniquely offers timely, accurate and actionable data which assists over 500 companies worldwide comply with global regulatory compliance requirements, to minimise reputational and regulatory risk. C6 as announced today the launch of its new Adverse Media offering, 66 Squared, ahead of the EU Fourth Money Laundering Directive implementation deadline on 26th June 2017.
New levels of scrutiny around client behaviour required by the 4th Money Laundering Directive is already putting a huge burden financially on many organisations to actually meet requirements.
Businesses’ are set to face higher levels of scrutiny from the EU, following changes to the Money Laundering Regulations and Proceeds of Crime Act in the European Union Fourth Anti-Money Laundering Directive due to be implemented across Europe by 26th June 2017. The regulatory update announced in June 2015 includes fundamental changes to the anti-money laundering procedures including CDD, EDD Activity and (PEPs), that could see uncompliant corporates facing large fines which pale in significance compared to the damage that could be done to a business’s reputation.
The new customer due diligence checking requirements as well as reporting suspicious transactions will now be essential for any company to protect their brand as well as avoiding hefty fines from the regulator. 66 Squared was built in conjunction with a number of Our Tier 1 Banking Customers and will enable customers to configure the service to monitor unique client bases against their own tolerated risk parameters at a frequency using data sources of and above the pre-set standards.