Featured Product

    EC Finalizes the Fifth Money Laundering Directive in EU

    June 19, 2018

    EC published Directive (EU) 2018/843, which amends Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, in addition to amending Directives 2009/138/EC and 2013/36/EU. This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    This Directive aims not only to detect and investigate money laundering, but also to prevent it from occurring. Enhancing transparency could be a powerful deterrent. Member states shall bring into force the laws, regulations, and administrative provisions necessary to comply with this Directive by January 10, 2020. They shall immediately communicate the text of those provisions to EC. Member states shall communicate to EC the text of the main provisions of national law which they adopt in the field covered by this Directive. The key changes to directive 2015/849 involve:

    • Broadening access to information on beneficial ownership and improving transparency in the ownership of companies and trusts
    • Addressing risks linked to prepaid cards and virtual currencies
    • Cooperation between financial intelligence units
    • Improved checks on transactions involving high-risk third countries

    Member states should set up beneficial ownership registers for corporate and other legal entities by January 10, 2020 and for trusts and similar legal arrangements by March 10, 2020. Central registers should be interconnected via the European Central Platform by March 10, 2021. Member states should set up centralized automated mechanisms allowing the identification of holders of bank and payment accounts and safe-deposit boxes by September 10, 2020. Furthermore, by January 11, 2022, and every three years thereafter, the Commission shall draw up a report on the implementation of this Directive and submit it to the European Parliament and to the Council.


    Related Link: Directive (EU) 2018/843

    Effective Date: July 09, 2018

    Keywords: Europe, EU, Banking, PMI, AML/CFT, Directive 2018/843, Data Protection, EC

    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425