4th Directive: goodbye 2016, perspectives for 2017

4th Directive: goodbye 2016, perspectives for 2017

Happy New Year to you from the entire IBAKUS® team as well as from myself. May 2017 (the year that will see the coming into force of the 4th Directive) bring you happiness and health! Hard work brings prosperity, and since you are not scared about work, everything will be for the best!

I guess, like me, you took advantage of this little break at the end of the year to disconnect from the professional environment and spend more time with your parents and your friends. Personally, this is a period of relaxation that I particularly enjoy. It is also an opportunity to reflect on the achievements of the past year and to replenish ourselves for the next year.

I think it can be said that in terms of AML / CFT procedures, 2016 was an opportune year. More and more people showed concern about the general problem of anti-money laundering measures and, more specifically, about the entry into force of the 4th Directive.

During the various seminars I held or participated in, the participants’ interest in these questions was obvious, but also and especially their questioning as to how they will concretely implement these policies in their organization.

Throughout 2016, the IBAKUS®KYC application was continually improved. It is impossible to detail here all the novelties; I will mention only the most important:

  • The customer file of KYC has been merged with the one from IBAKUS®COMPTA and IBAKUS®TIME (new application for time tracking and billing) so that duplicate, even triple data encodings are eliminated,
  • Data encryption to ensure better security,

2017 will see the 4th Directive come into force in June. But I have mixed feelings about this. On the one hand, I feel satisfied with the dynamic processes in place. On the other hand, there is also this feeling of perplexity considering the limited amount of things transcribed in national law and the few concrete achievements in the effort to link national databases.

Concretely, I confess to you my perplexity about the creation of the databases of the ultimate beneficial owner provided for in Article 30 of the 4th Directive. Wherever  I ask questions about this, I am met with quizzical looks, even pitiful glances. There’s something wrong.

Whether it is for this specific database or for others, I am convinced that access to qualified databases is an essential prerequisite for the success of this immense AML endeavour that has been initiated.

Specifically, the IBAKUS® team has taken the initiative to search the Net for any source of information that may be useful. Some databases have already been identified; one of them is already operational and their number will be further increased in the weeks to come, for the great benefit of our users. But we are still very far from the database of ultimate beneficial owners as foreseen in the 4th Directive.

It is not in our nature to let ourselves be dismantled! Our IBAKUS®KYC tool will continue to grow. It’s certain.

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