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New anti-money laundering package

The European Commission are presenting four legislative proposals which form the anti-money laundering and countering terrorism financing (AML/CFT) package.

The package consists of:

  • A New EU AML/CFT Authority, which will supervise some of the riskiest financial institutions and will facilitate coordination between financial entities;
  • A Single EU Rulebook to harmonise AML/CFT rules across the EU, including, for example, more detailed rules on Customer Due Diligence, Beneficial Ownership and the powers and task of supervisors and Financial Intelligence Units (FIUs);
  • A sixth Directive on AML/CFT containing provisions that will be transposed into national law, such as rules on national supervisors and Financial Intelligence Units in Member States;
  • A revision of the 2015 Regulation on Transfers of Funds to trace transfers of crypto-assets.

The legislative package will now be discussed by the European Parliament and Council. The Commission looks forward to a speedy legislative process. The future AML Authority should be operational in 2024 and will start its work of direct supervision slightly later, once the Directive has been transposed and the new regulatory framework starts to apply.

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