On July 04, 2024, the European Banking Authority (EBA) issued Travel Rule Guidelines to enhance traceability and combat money laundering and terrorist financing. The amending Guidelines will apply from December 30, 2024.
To know more: https://www.fcctimes.com/2024/07/04/new-eba-guidelines-on-the-travel-rule-for-fund-and-crypto-asset-transfers/?utm_source=WebsiteText&utm_medium=FCCRegUpdate_24Jul24
On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
