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Council of EU outlines amendments to Directive(EU) 2019/1937

Defines clearer requirements for more effective arrangements for cross-border cooperation and outlines responsibilities of supervisors employed by the Authority for anti-money laundering and countering the financing of terrorism (AMLA).

Council of the EU publishes details of new AML package

This new instrument is part of a comprehensive package that aims to strengthen the Union’s AML/CFT framework – forming the legal framework governing the
AML/CFT requirements to be met by obliged entities and underpinning the Union’s AML/CFT institutional framework, including the establishment of an Authority for
anti-money laundering and countering the financing of terrorism (AMLA).

Council of the EU publishes regulation for establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism

The new authority will pursue a harmonised approach to strengthen the Union’s existing preventive AML/CFT framework and specifically AML/CFT supervision and cooperation between Financial Intelligence Units.

FATF, INTERPOL and UNODC issued a unified call for heightened global efforts to combat ML/TF, targeting the massive illicit profits fuelling transnational organised crime

‘Global financial integrity is vital for financial stability, inclusion, and peace and security,’ stated FATF President T. Raja Kumar. This necessitates robust and effective implementation of ML/TF standards. The FATF is dedicated to contributing and intensifying its efforts on the cross-cutting activities that facilitate all serious crimes, particularly the laundering of criminal proceeds…’

EU AML/CTF Authority: Success factors for a fit-for purpose EU AML/ CFT regime and architecture

AMLA is an essential step towards transforming and enhancing AML/CFT supervision. A capable AMLA has the potential to improve the resilience of the European financial system, reduce the likelihood of systemic errors, and allow individual cases to be handled with greater efficiency. It must be ensured that AMLA has a broad mandate, covering a range of players in the financial sector…

EBA unveils latest AML/CTF developments in its May 2024 Newsletter

The EC has issued a ‘Call for Advice’ on the methodology of assessing ML/TF risk by AML/CFT supervisors, as well as pecuniary sanctions under Article 39(8) of the AMLD6 and on the minimum requirements for group-wide policies under Article 13(3) of the AMLR. It also includes amendments to the Guidelines for crypto-asset service providers (CASPs) …

EBA publishes part one of its Annual report for 2023, highlighting its mission to support the implementation of robust approaches to tackling financial crime risks across the EU

On the regulatory front, the EBA continued its work aimed at strengthening the EU financial sector, in particular by finalising the implementation of the Basel III framework in the EU, implementing the ESG roadmap, and delivering on its digital finance mandates under the Markets in Crypto-Assets Regulation (MiCAR) and the Digital Operational Resilience Act (DORA)….

EBA releases the final draft technical standards under the Markets in Crypto-Assets Regulation – provisions (including on AML) relating to ARTs will be applicable from 30 June 2024

Sets out three sets of final draft regulatory technical standards (RTS) and one set of final draft implementing technical standards (ITS) relating to the authorisation as issuer of asset-referenced tokens (ARTs), to the information for the assessment of acquisition of qualifying holdings in issuers of ARTs and to the procedure for the approval of white papers for ARTs issued by credit institutions under the Markets in Crypto-assets Regulation (MiCAR).

European Parliament passed a historic law, marking a significant step towards holding big companies accountable for harm they cause to people and the planet.

As the EU is a major player on the global economic stage, the implementation of this law has the potential to create a ripple effect that reaches far beyond its borders. Global Witness has been championing this cause from the beginning, pushing for greater corporate responsibility and justice for affected communities. While there are a lot of gaps to fill in the law, the CSDDD will help level the power imbalance between profit-driven companies and the communities they impact.

European Commission publishes latest update on AML/CTF of terrorism legislative package

EU proposed on 20 July 2021 by the European Commission are now agreed by co-legislators. The proposed agreement also covers the institutional side with the creation of a new EU authority to fight money laundering (AMLA) which will be at the core of the system implementing the new framework…

EBA identifies new types of payment fraud and proposes measures to mitigate underlying risks and protect consumers from resultant losses

The EBA confirms that regulatory measures such as the Strong Customer Authentication (SCA) that the revised Payment Service Directive (PSD2) and the EBA’s Technical Standards have imposed on the payments industry have been successful in achieving the aim of significantly reducing fraud that involves the stealing of customers’ credentials. However, fraudsters have adapted their techniques and are using more complex types of fraud, such as those based on what is commonly referred to as ‘social engineering’…

EBA to start collecting information on natural persons through its AML/CFT database, EuReCA

EuReCA contains information on serious AML/CFT deficiencies in individual financial institutions that have been identified by EU supervisors. It also contains information on the measures taken by supervisors to address those deficiencies.