Posted by Brian Monroe - email@example.com 07/22/2021
Regional Report – Europe: In aggressive AML overhaul, EU unsheathes new fincrime compliance authority, stronger rules to illumine crypto, stamp out ownership opacity
By Brian Monroe
July 22 , 2021
A financial crime compliance super regulator that can pressure large, international banks – and member state regulators to work together and see the big picture. A ban on anonymous crypto wallets. A limit of paying more than 10,000 euros in cash – on anything.
Those are some of the just-announced updates by the European Union (EU) Commission, which is upgrading rules and regulations, regulators and is working to better illumine the dark corners of criminal finance by evaporating beneficial ownership opacity and shining the light on the real individuals engaged in virtual currency transactions.
To read the full release, click here.
The bevy of measures “greatly enhance the existing EU framework by taking into account new and emerging challenges linked to technological innovation,” according to a commission statement.
Such improvements will address the risks of illicit finance moving through virtual currencies, create more transparency and integration for funds into, out of and between member states and also better uncover and report on global terror groups with an international footprint – and potential to stage attacks in the bloc.
“These proposals will help to create a much more consistent framework to ease compliance for operators subject to AML/CFT rules, especially for those active cross-border,” according to the commission.
The package consists of four legislative proposals:
- A Regulation establishing a new EU AML/CFT Authority;
- A Regulation on AML/CFT, containing directly-applicable rules, including in the areas of Customer Due Diligence and Beneficial Ownership;
- A sixth Directive on AML/CFT (“AMLD6”), replacing the existing Directive 2015/849/EU (the fourth AML directive as amended by the fifth AML directive), containing provisions that will be transposed into national law, such as rules on national supervisors and Financial Intelligence Units in Member States;
- A revision of the 2015 Regulation on Transfers of Funds to trace transfers of crypto-assets (Regulation 2015/847/EU).
See What Certified Financial Crime Specialists Are Saying
"The CFCS tests the skills necessary to fight financial crime. It's comprehensive. Passing it should be considered a mark of high achievement, distinguishing qualified experts in this growing specialty area."
KENNETH E. BARDEN
"It's a vigorous exam. Anyone passing it should have a great sense of achievement."
(CFCS, Official Superior
de Cumplimiento Cidel
Bank & Trust Inc. Nueva York)
"The exam tests one's ability to apply concepts in practical scenarios. Passing it can be a great asset for professionals in the converging disciplines of financial crime."
(CFCS, Royal Band of
"The Exam is far-reaching. I love that the questions are scenario based. I recommend it to anyone in the financial crime detection and prevention profession."
(CFCS, CAMS Lead Compliance
Trainer, FINRA, Member Regulation
Training, Washington, DC)
"This certification comes at a very ripe time. Professionals can no longer get away with having siloed knowledge. Compliance is all-encompassing and enterprise-driven."
CFCS, CAMS, CFE, CSAR
Director, Global Risk
& Investigation Practice
FTI Consulting, Los Angeles