European Commission Proposes EU-Level Supervisory Authority and Cryptocurrency Travel Rule
European Banking Authority Offers New Guidelines on AML Compliance Officers
Just as the United States has expanded significantly its anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) regulatory and enforcement regime through recent passage of the AML Act of 2020, the European Union (“EU”) has taken significant steps this summer towards implementing a rigorous new transnational AML enforcement framework. Recent legislative proposals by the European Commission (the EU’s executive branch) aim to combat cross-border crime by ensuring uniform implementation and enforcement of AML/CFT principles, rules, and regulations, and by creating new recordkeeping requirement for certain cryptocurrency transactions. Following the announcement of these legislative proposals, the European Banking Authority proposed in late July new EU-wide guidelines for AML/CFT compliance officers. We examine each of these in turn.
Continue Reading European Union Round-Up: A Summer of AML Enforcement and Compliance Proposals