System Compliance

AML package adopted

AML news of the year is already with us even tough it’s May only. Football clubs and agents brace yourself AML is coming.

The Council today adopted a package of new anti-money-laundering rules. The biggest change IMO is an another obliged entities list extension. It extends the anti-money laundering rules to new obliged entities, such as most of the crypto-sector, traders of luxury goods and football clubs and agents. The regulation also sets tighter due diligence requirements, regulates beneficial ownership and sets a limit of € 10.000 to cash payments, among other things. Last but not least the AML package sets up a new European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) which will be based in Frakfurt as decided this earlier this year. AMLA will start operations in mid-2025.

More to come on ItsAllAboutCompliance Source in the comment below.