Web notice - User guide relating to Directive 10

For compliance teams, this is a timely operational resource that clarifies how to apply Directive 10 in practice—covering customer due diligence, beneficial ownership thresholds, verification methods, and record-keeping. Executives should treat this as a prompt to review their Risk Management and Compliance Programme (RMCP) and client onboarding processes. Key actions: (1) circulate the guide to AML/CFT, legal, and onboarding teams; (2) update policies and procedures to align with the guidance; (3) validate beneficial ownership data for existing high-risk clients; (4) strengthen staff training and audit trails; and (5) document any gaps and remediation plans for supervisory review.

While not a new law, the guide signals heightened supervisory focus on beneficial ownership transparency. Firms that act now can reduce enforcement risk, avoid onboarding delays, and demonstrate robust financial crime controls. Non-compliance may attract penalties, reputational damage, and enhanced FIC scrutiny.

Overall impact is significant for AML/CFT compliance but manageable with proportionate effort.