Featured Product

    European Parliament Adopts EC Proposal on the Fifth AML Directive

    April 19, 2018

    European Parliament adopted the EC proposal on the fifth Anti-Money Laundering (AML) Directive. This Directive lays down measures to facilitate access by competent authorities to financial information and bank account information for the prevention, detection, investigation, or prosecution of serious criminal offences. It also provides for measures to facilitate access by Financial Intelligence Units to law enforcement information and to facilitate the cooperation between Financial Intelligence Units. This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    The new rules are intended to bring more transparency to improve the fight against money laundering and terrorist financing across EU. EC presented this proposal in July 2016 and the proposal is part of the EC's Action Plan of February 2016 to strengthen the fight against terrorist financing. The Fifth Anti-Money Laundering Directive will:

    • Enhance the powers of EU Financial Intelligence Units and facilitate their increasing transparency on who really owns companies and trusts by establishing beneficial ownership registers
    • Prevent risks associated with the use of virtual currencies for terrorist financing and limiting the use of prepaid cards
    • Improve the safeguards for financial transactions to, and from, high-risk third countries
    • Enhance the access of Financial Intelligence Units to information, including centralized bank account registers
    • Ensure centralized national bank and payment account registers or central data retrieval systems in all member states

    Member states shall adopt and publish the laws, regulations, and administrative provisions necessary to comply with this Directive by 26 months after the date of entry into force of the respective EU Directive. 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.

     

    Related Links 

    Effective Date: OJ + 20 Days

    Keywords: Europe, EU, Banking, AML, Fifth AML Directive, European Parliament, EC

    Related Articles
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

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

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

    September 13, 2019 WebPage Regulatory News
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    ISDA Guide on Collateral Management Under Smart Derivatives Contracts

    ISDA published the third in a series of legal guidelines for smart derivatives contracts.

    September 12, 2019 WebPage Regulatory News
    News

    ESA Report Highlights Risks of No-Deal Brexit in EU Financial System

    ESAs published a Joint Committee report on risks and vulnerabilities in the EU financial system.

    September 12, 2019 WebPage Regulatory News
    News

    ECB Modifies New Targeted Longer-Term Refinancing Operations

    The Governing Council of ECB decided to modify some of the key parameters of the third series of targeted longer-term refinancing operations (TLTRO III) to preserve favorable bank lending conditions (Decision (EU) 2019/1558).

    September 12, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3819