Anti-Money Laundering

On 12 March 2024, the European Commission (Commission) published a letter containing a provisional request for advice from the European Banking Authority (EBA), regarding regulatory technical standards and guidelines under the future anti-money laundering (AML) and counter terrorist financing (CFT) framework. The request for technical advice is…

On 12 March 2024, the Financial Action Task Force (FATF) published guidance on beneficial ownership and transparency of legal arrangements.

The guidance, which is non-binding, aims to assist stakeholders from public and private sectors that regulate, supervise, enforce, form, manage, or administer trusts or similar legal arrangements. It focuses on the Recommendation 25 requirements and…

On 11 March 2024, the European Commission published its report to the European Parliament and the Council of the EU on the implementation of the Fourth Anti-Money Laundering Directive (4MLD). The report is based on information from various sources, namely two surveys conducted by Commission services among Member States, as well as contributions…

On 26 February 2024, the Financial Action Task Force (FATF) announced it is considering revisions to Recommendation 16 (R.16), its Interpretive Note (INR.16) and the related glossary of specific terms, to adapt them to the changes in payment business models and messaging standards.

In the press release, the FATF…

On 22 February 2024, in a joint vote MEPs and EU ambassadors chose Frankfurt as the seat of the EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). Nine candidates in total applied but in the vote, Frankfurt received a majority of validly cast votes on the first round of…

On 14 February 2024, William van de Voorde, Chair of the Permanent Representatives Committee of the Council of the EU wrote a letter to the European Parliament’s Chair of the Committee on Economic and Monetary Affairs, which states that the Permanent Representatives Committee have reached agreement, except for one item, on the final compromise text…

On 16 February 2024, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2024/595 of 9 November 2023 supplementing Regulation (EU) No 1093/2010 with regard to regulatory technical standards (RTS) specifying the materiality of weaknesses, the type of information collected, the practical implementation of the…

On 14 February 2024, the Council of the European Union published the final compromise text of the proposed Regulation, repealing Directive (EU) 2015/849 and proposing mechanisms to be put in place by the Member States on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The…

On 17 January 2024, the European Parliament and Council of the EU (Council) reached a provisional agreement on parts of the anti-money laundering (AML) package that aims to protect EU citizens and the EU’s financial system against money laundering (ML) and terrorist financing (TF). Under the new…

On 16 January 2024, the European Banking Authority (EBA) released a final report containing guidelines which amend its existing guidelines on money laundering / terrorist financing (ML/TF) risk factors so that they extend to crypto-asset service providers (CASPs). The guidelines will provide a common understanding of ML/TF risks associated with CASPs…