We have published a new online briefing note on the European Union’s new AML/CFT regime.
Our online briefing note is here.
The new EU AML/CFT regime has arrived – are you ready?
EBA issues ‘travel rule’ guidance
On 4 July 2024, the European Banking Authority (EBA) issued new guidelines on the ‘travel rule’.
The EBA publicly consulted on a draft version of the guidelines between 24 November 2023 and 26 February 2024. A public hearing took place on 17 January 2024.
The guidelines specify which information should accompany a transfer
Council of the EU adopts AML Regulation, AMLA Regulation and AMLD6
On 30 May 2024, the Council of the EU announced that it has adopted a package of new anti-money laundering (AML) rules aimed at protecting EU citizens and the EU’s financial system against money laundering and the financing of terrorism.
The package of legislation consists of:
- A Regulation on the prevention of the
Council of the EU publishes text of draft terrorist financing Directive
On 23 May 2024, the Council of the EU published the text of a draft Directive amending Directive (EU) 2019/1153, as regards access by competent authorities to centralised bank account registries through the interconnection system and technical measures to facilitate the use of transaction records.
The proposed amendment to Directive (EU) 2019/1153 would allow designated
Council of EU publishes texts of AML package
On 20 May 2024, the Council of the EU published the text of the:
New EU rules to combat money laundering adopted by MEPs
On 24 April 2024, the European Parliament issued a press release stating that it had adopted the proposed:
Status of implementation of Recommendation 15 by FATF Members and jurisdictions with materially important VASP activity
On 28 March 2024, the Financial Action Task Force (FATF) published a table setting out the status of the implementation of Recommendation 15 by FATF members and other jurisdictions with the most materially important virtual asset service provider activity. The table follows a stocktake of current levels of implementation across the global network.
Wolfsberg Principles for Auditing Financial Crime Risk Management
On 27 March 2024, the Wolfsberg Group (Group) published Principles for Auditing Financial Crime Risk Management (FCRM) using the Wolfsberg Factors (Factors) which were published in 2019.
The Group notes that internal audit (IA), an independent function within a financial institution (FI), constitutes the third
Wolfsberg Group statement on countering terrorist financing
On 20 March 2024, the Wolfsberg Group published a statement on countering terrorist financing (CTF). The statement replaces the Wolfsberg Group’s first statement on the topic published in 2002. It describes the role of financial institutions in CTF and the key controls which seek to mitigate and manage the risk of a financial
Council of EU publishes draft Directive amending MREL
On 13 March 2024, the Council of the EU published the text of the draft Directive amending the Bank Recovery and Resolution Directive and the Resolution establishing the Single Resolution Mechanism as regards certain aspects of the minimum requirement for own funds and eligible liabilities. The draft Directive is sometimes known as the ‘daisy-chain proposal’.