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

    EBA Single Rulebook Q&A: Second Update for October 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to ten questions.

    October 11, 2019 WebPage Regulatory News
    News

    OCC Revises Minimum Threshold for Banks to Conduct Stress Tests

    OCC issued the final rule that amends its company-run stress testing requirements under the 12 CFR 46 in Code of Federal Regulations.

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Update Management Interlock Rules Under DIMIA

    US Agencies (FDIC, FED, and OCC) issued a final rule that increases the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institution Management Interlocks Act (DIMIA).

    October 10, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Rules to Closely Match Bank Risk Profiles

    US Agencies (OCC, FED, and FDIC) finalized rules that tailor the regulations for domestic and foreign banks to more closely match their risk profiles.

    October 10, 2019 WebPage Regulatory News
    News

    CPMI-IOSCO and FSB on Governance Arrangements for OTC Derivatives

    CPMI and IOSCO published a report that identifies key criteria, functions, and bodies for the governance arrangements.

    October 09, 2019 WebPage Regulatory News
    News

    EIOPA Launches Field Test on Templates Under 2020 Solvency II Review

    EIOPA, as part of the 2020 Solvency II reporting and disclosure review, launched a field test on the revised and newly proposed reporting templates.

    October 09, 2019 WebPage Regulatory News
    News

    US Agencies Adopt Rule on Appraisals for Real Estate Transactions

    US Agencies (FDIC, FED, and OCC) adopted the final rule to amend regulations requiring appraisals of real estate for certain transactions

    October 08, 2019 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Simplify Volcker Rule

    US Agencies (CFTC, FDIC, FED, OCC, and SEC) finalized amendments to the regulations implementing section 13 of the Bank Holding Company Act, also known as the Volcker Rule.

    October 08, 2019 WebPage Regulatory News
    News

    EC Report Explores Application and Challenges of Blockchain Technology

    The Joint Research Center of EC published a report exploring the challenges and impact of distributed ledger technologies.

    October 08, 2019 WebPage Regulatory News
    News

    BIS and SNB Sign Agreement on Innovation Hub Center in Switzerland

    BIS and SNB signed an operational agreement on the BIS Innovation Hub Center in Switzerland.

    October 08, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3959