Disclaimer: Please note in the introduction to this episode it is mentioned that Russia further invaded Ukraine in 2020 rather than the correct year of 2022.

In this episode of KYC Decoded, we dive into Article 5r which mandates European banks report any money transfers exceeding 100,000 euros leaving the EU, targeting entities with more than 40% Russian ownership.

Join Moody’s Industry Practice Lead, Nicola Passariello, and host Alex Pillow as they unravel the complexities of financial surveillance under Article 5r of EU Reg. 833. Learn more about the implications this directive has for the financial sector and navigating complex ownership structures to meet new deadlines.

Highlights include:

An introduction and explanation of Article 5r of EU Reg. 833
Reporting requirements for financial institutions
Challenges in identifying direct and indirect ownership
Importance of having a full KYC program
Common pitfalls and guidance for practitioners

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Unpacking Article 5r of EU Reg. 833 | Financial surveillance