European Commission publishes Q&As on new reforms in the AML/CFT framework which rests on 4 legal acts

A Regulation establishing an EU AML/CFT Authority in the form of a decentralised EU regulatory agency:

• A new Regulation on AML/CFT containing directly applicable AML/CFT rules, including a revised EU list of entities subject to AML/CFT rules (known as obliged entities);
• A Directive on AML/CFT replacing the existing EU AML/CFT Directive and containing provisions not appropriate for a Regulation and requiring national transposition, such as rules concerning national supervisors and Financial Intelligence Units in Member States;
• A recast of the 2015 Regulation on Transfers of Funds (Regulation 2015/847)…