The European Union Council has adopted a new package of anti-money laundering (AML) and counter-terrorist financing (CFT) rules to protect EU citizens and the EU financial system. This package includes measures that:
- Harmonise AML rules across the EU, extending the rules to sectors such as crypto-marketing, luxury goods trading and football clubs.
- Establish a new agency in Frankfurt, the European Anti-Money Laundering Authority (AMLA), which will directly supervise high-risk entities and coordinate with financial intelligence units (FIUs).
- Implements a limit of 10.000€ on cash payments and strengthens due diligence and beneficial ownership requirements.
- Improve the organisation of national AML/CFT systems and will facilitate centralised access to bank records.
- AMLA will start operations in mid-2025, following transposition of the directive by Member States in the coming years.
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