Toward AML V
17 April 2018
Regulatory News Alert
On 5 July 2016, the European Commission adopted a proposal to amend the Directive (EU) 2015/849, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.
After going through substantial amendments at the parliament level, the proposal was approved by the different committees in January 2018. The plenary session to vote on the final report is scheduled for April 2018.
Source: European Commission
Content of the commission's proposal
The commission proposes, among other things:
- To designate virtual currency exchange platforms as obliged entities, with a view to improve the detection of suspicious virtual currency transactions
- To set lower maximum transaction limits for certain pre-paid cards
- To enable financial intelligence units (FIUs) to request information on money laundering and terrorist financing from any obliged entity
- To enable FIUs and competent authorities to identify holders of bank and payment accounts, through automated centralized mechanisms at the member state level
- To improve access to registers of beneficial ownership, and to ensure the direct interconnection of these registers to facilitate cooperation between member states
Parliament proposed amendments to the proposal
The substance of the amendments made by the parliament can be summarized as follows:
- Increase of the exchange of information between member states in order for them to build their AML policy and draw their measures, notably in the case of banks that are part of a group located in another member state
- Make customer identification mandatory for remote payment transactions exceeding €50
- Give member states the option to give access to the beneficial owner register for a fee and through online registration
- Bring additional security to individuals that are adversely exposed for reporting money laundering or terrorist financing suspicions, internally within their organization or to an FIU
How can Deloitte help you?
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Deloitte’s advisory specialists and dedicated services will also help you design and implement your renewed business strategy in light of the future evolution of the AML /CFT framework.