AML/CFT legislative proposals

On 20 July 2021, the European Commission presented a package of 4 legislative proposals which are aimed at strengthening the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules.

The proposals relate to:

  • the creation of a new EU Anti-Money Laundering Authority (AMLA);
  • a new Regulation (directly applicable rules), in areas including customer due diligence and beneficial ownership;
  • amendments to the AML/CFT Directive with new rules on national supervisors and financial intelligence units in Member States (AMLD6);
  • Amendments to the 2015 Regulation on transfers of funds so as to make it possible to trace transfers of crypto-assets and limit large cash payments.