European Parliament adopts new AML package

The European Parliament has adopted the new AML package, which, among other things, will:

  • limit cash payments to €10,000;
  • create a new EU-wide agency to directly supervise the highest risk businesses;
  • allow those with a “legitimate interest” (including the media) direct, fee access to beneficial ownership information;
  • include new EDD measures;
  • apply the AML regime to top tier football clubs when they are involved in high value transactions;
  • impose a new “enhanced vigilance” regime for ultra-rich individuals; and
  • put in place measures to avoid circumvention of financial sanctions.

Now the European Council needs to complete the formal adoption of the package.

Emma Radmore