Featured Product

    EC Announces Entry Into Force of Fifth Anti-Money Laundering Directive

    July 09, 2018

    The Fifth Anti-Money Laundering Directive has entered into force following its publication in the Official Journal of the European Union. Proposed by the Commission in July 2016, the new rules bring more transparency on the real owners of companies and tackle risks of terrorist financing. EC also published a fact sheet on the directive.

    The new rules introduce stricter transparency requirements, including full public access to the beneficial ownership registers for companies, greater transparency in the registries of beneficial ownership of trusts, and interconnection of these registers. One of the key improvements is limiting the use of anonymous payments through prepaid cards, including virtual currency exchange platforms under the scope of the anti-money laundering rules. Key improvements also include widening customer verification requirements, requiring stronger checks on high-risk third countries, and more powers for and closer cooperation between national Financial Intelligence Units

    The Directive also increases the cooperation and exchange of information between anti-money laundering and prudential supervisors, including with ECB. The Juncker Commission has made the fight against money laundering and terrorism financing one of its priorities.This proposal was the first initiative of the Action Plan to step up the fight against terrorist financing following the terror attacks and part of a broader drive to boost tax transparency and tackle tax abuse in the aftermath of the Panama Papers revelations. Member states will have to implement these new rules into their national legislation before January 10, 2020. In addition, in May 2018, EC invited the ESAs, including ECB, to a joint working group to improve the practical coordination of anti-money laundering supervision of financial institutions. Work in this group is now ongoing and a first exchange with member states is planned in September. 

     

    Related Links

    Effective Date: July 09, 2018

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

    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796