The Council has adopted the anti-money laundering package

The anti-money laundering regulation

The Anti-Money Laundering Regulation tightens the current rules in several ways, for example with regard to cash payments and customer due diligence measures. One major new feature of the Regulation in that regard is the introduction of an EU-wide prohibition on operators trading in goods or providing services from making or receiving cash payments in excess of EUR 10,000. Under the Regulation, the Member States must adopt measures to ensure that there are penalties for breaches of this prohibition that are proportionate but that act as a sufficient deterrent. More operators than at present will also be subject to the requirements to adopt customer due diligence measures. Examples of additional operators affected include companies trading in luxury goods such as watches, precious stones, jewellery, luxury cars, etc., football clubs and football agents as well as the crypto-asset sector.   

The anti-money laundering directive

The new Anti-Money Laundering Directive regulates the powers  of the national financial police bodies and the cooperation between those bodies. New rules are also added whereby the Member States are required to make information from their central bank account registers, property registers and beneficial owner registers available to the financial police of other Member States via a joint portal. A separate Directive is also introduced to ensure that national law enforcement authorities have access to such records.  

The AMLA

The AMLA will have the direct anti-money laundering supervisory powers over certain operators with high residual risk of money laundering and terrorist financing. It will thus be able to impose penalties on those operators. The AMLA’s tasks will also include coordinating the work of the national financial police bodies, producing EU-wide risk assessments and developing standards and guidelines based on European anti-money laundering regulations.