Proposal Anti-Money Laundering Regulation (AMLR)
The European Union’s proposed Anti-Money Laundering Regulation (AMLR) is a significant regulatory development aimed at strengthening the fight against money laundering and terrorist financing. As of April 14, 2023, the regulation is in its first reading, reflecting an evolving landscape in EU financial security measures. This guide delves into the key aspects of the proposed AMLR and its implications.
Highlights of the Proposed AMLR
Unified Approach: The AMLR proposal seeks to create a harmonized framework across EU member states, enhancing consistency in anti-money laundering and counter-terrorist financing efforts.
Broader Scope of Obliged Entities: The proposed regulation extends AML/CFT rules to new entities, including wealth managers, high-level football clubs, and agents in the football sector.
Enhanced Due Diligence and Transparency Measures: It emphasizes the need for more granular customer due diligence and beneficial ownership transparency.
Innovations in Reporting and Monitoring: Introduction of an electronic filing system (FIU.net one-stop-shop) for efficient reporting of suspicious activities.
Questions & Answers (Q&A)
What is the current status of the EU AMLR?
As of April 14, 2023, the EU AMLR is still a proposal and has undergone its first reading in the legislative process.
What entities are newly included under the proposed AMLR?
The AMLR proposal expands its reach to include wealth managers, high-level football clubs, and agents in the football sector, among other entities.
How does the proposed AMLR enhance beneficial ownership transparency?
The proposal suggests lowering the threshold for beneficial ownership registration from 25% to 15%, aiming to improve corporate structure transparency.
Are there any new limits proposed for crypto-assets transactions?
Yes, the AMLR proposes a transaction limit for crypto-assets from self-hosted addresses, setting it at an equivalent of EUR 1,000 unless the customer or beneficial owner is identified.
What changes are proposed regarding cash payment limits?
The proposed AMLR suggests reducing the limit for cash transactions to EUR 7,000, down from EUR 10,000, to curb the risks associated with large cash-based money laundering.
The proposed EU Anti-Money Laundering Regulation signifies a crucial step forward in the EU’s efforts to enhance financial security and compliance. While still in the proposal stage, its potential impact on financial transparency, due diligence, and regulatory compliance is significant. Keep informed about this evolving regulation and prepare for its potential implementation with our detailed overview.