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

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    News

    BoE and FCA Examine Use of Machine Learning in Financial Sector in UK

    BoE and FCA published a report on the results of a joint survey by BoE and FCA in 2019 to better understand the use of machine learning in the financial services sector in UK.

    October 16, 2019 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel Framework

    BCBS published the seventeenth progress report on adoption of Basel regulatory framework.

    October 16, 2019 WebPage Regulatory News
    News

    APRA Proposes Measures to Strengthen Capital for Bank Depositors

    APRA proposed changes to APS 111, which is the prudential standard on measuring capital adequacy and establishes the criteria for regulatory capital requirements of authorized deposit-taking institutions.

    October 15, 2019 WebPage Regulatory News
    News

    EIOPA Consults on Technical Advice for the 2020 Review of Solvency II

    EIOPA is consulting on an opinion that sets out technical advice for the 2020 review of Solvency II.

    October 15, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3981