EU Commission overhauls AML/CFT rules

The European Commission has unveiled an ambitious package of legislative proposals to strengthen the EU’s AML/CFT rules. The proposals include:

  • a new EU AML/CFT Authority (AMLA) – the new AMLA will coordinate national authorities to ensure the private sector correctly and consistently applies EU rules;
  • a single EU Rulebook for AML/CFT which will include, for example, more detailed rules on the areas of CDD and beneficial ownership;
  • a sixth Directive on AML/CFT (AMLD6);
  • a revision of the 2015 Regulation on Transfers of Funds to trace transfers of cryptoassets; and
  • an EU-wide limit of €10,000 on large cash payments.

Lucy Hadrill