EFTA Court in Luxembourg rules that access to beneficial ownership data requires a legitimate interest, balancing transparency with privacy and warning against rigid rules that hinder AML efforts

This ruling reinforces stricter transparency standards under AML regulations, particularly in light of the European Court of Justice’s annulment of certain provisions in the Fifth AML Directive that previously eased access to such information. The judgment clarifies that while national laws govern procedural aspects, they must align with EEA law principles, ensuring access is granted only when necessary, appropriate…