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Europe
This section covers AML/CTF initiatives by European Commission, Council of Europe MONEYVAL, European Parliament, Europol and other related EU organisations.
New EU AML Package
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Romanian and Moldovan authorities have jointly dismantled an organised crime group that, since 2022, has defrauded over 150 victims through a fake investment scheme, gaining access to their bank accounts
The OCG started their scam by posting false advertisements on the internet that promoted an investment plan that would lead to secure, quick and substantial earnings in virtual currencies. To ensure the credibility of the advertisements, pictures of well-known people, logos of banks and specialised economic publications were added…
Luxembourg Times: Luxembourg’s financial sector struggling to recruit sufficient skilled staff to comply with AML regulations
Financial institutions in Luxembourg have seen AML costs rise by 18% in two years and overall compliance costs grow 16% annually since 2015, yet they are less inclined to invest in new digital AML tools compared to their EMEA counterparts. CSSF director general Claude Marx stressed the need for adopting new technologies, including generative AI, to enhance AML efficiency, noting many institutions still use outdated systems…
Council of EU announces MONEYVAL is recognising advancements in combating ML and terrorism financing
Council of Europe’s AML body praises UK Crown Dependency of Jersey for enhancing its legal and regulatory framework to combat AML/CFT, and proliferation financing. This also brings into light to strengthen the practical implementation of its investigative and prosecutorial frameworks for ML and to better enforce sanctions related to AML/CFT measures…
ESA publishes a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR)
Establishes templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.
Europol publishes the 10th edition of the Internet Organised Crime Threat Assessment (IOCTA), providing an in-depth assessment of the key developments, changes and emerging threats in cybercrime in 2023
The report highlights relevant trends in crime areas such cyber-attacks, child sexual exploitation and online and payment fraud schemes. It also provides an outlook of what can be expected in the near future, especially regarding new technologies, payment systems, AI, cryptocurrencies and illicit content online…
Bloomberg: ECB is pushing UK Fintech Revolut to bolster EU Bank controls amid review
The European Central Bank is urging Revolut to enhance financial crime controls and governance at its EU unit following similar issues to those delaying the UK fintech’s banking license bid. Having recently taken direct supervision of Revolut Holdings Europe UAB, the ECB has identified several deficiencies in the unit’s control environment and is demanding improvements…
EPPO uncovers €8.8 million VAT fraud involving cleaning products and beverages in Italy
Two individuals were arrested today in Italy, on suspicion of orchestrating an €8.8 million VAT fraud involving the trade of cleaning products and alcoholic and non-alcoholic beverages. The Italian Financial Police of Verona also executed a freezing order, at the EPPO’s request, targeting bank accounts, real estate and other assets…
EPPO opens an investigation into attempted EU funding fraud involving the construction of a waste treatment plant in Slovakia
According to the preliminary investigation, during the approval procedure, the beneficiary submitted additional documents as part of the grant application, which contained incorrect and incomplete information relating to the project documentation for planning permission…
Luxembourg to create dedicated AML unit within tax office to combat ML
A new team will be established within the Registration Duties, Estates, and VAT Authority to oversee AML/CFT controls, as well as the application of international financial sanctions. The new office aims to elevate the fight against ML to the same level of internal importance as traditional administrative matters within the agency…
EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets
The Guidelines specify which information should accompany a transfer of funds or crypto assets and also list the steps that payment service providers (PSPs), intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and intermediary CASPs (ICASPs) should take to detect missing or incomplete information, and what they should do if a transfer of funds or a transfer of crypto-assets lacks the required information.
Europol releases position paper on home routing and risks to lawful interception
Home Routing makes it possible for a telecommunication service provider to (continue to) provide a service to a customer when they travel abroad. This means that when a customer travels internationally, their communications (calls, messages and data) are still processed through their home network rather than the network of the country they are visiting.
EBA welcomes the entry into force of the new EU framework that will transform how Europe tackles ML/TF
The EBA is proud to be paving the way for the establishment of the new anti-money laundering and countering the financing of terrorism authority (AMLA) and is committed to facilitating a smooth transition, and making the EU a hostile place for financial crime…