EU Council and Parliament progress AML proposals

The EU Council and Parliament have reached agreement on the new EU AML package which will, among other things:

  • extend the concept of “obliged entity” to cover most of the crypto sector and also (from 2029) professional football clubs and agents;
  • introduce specific EDD measures for cross-border relationships for crypto-asset service providers;
  • require EDD for business relationships with HNWIs when those relationships will involve handling a large amount of assets;
  • tighten up the rules on beneficial ownership identification to clarify that hiding behind multiple ownership layers can’t work;
  • impose a requirement to verify information submitted to the central register and flag associations with sanctions targets;
  • allow those with legitimate interests to do so to access registers;

Emma Radmore