Tag Archives: AML

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...