- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-01-18T19:40:00
The European Union moved closer to finalizing rules that would expand current anti-money laundering (AML) and customer due diligence (CDD) obligations to new sectors, in addition to granting greater powers to national financial intelligence units (FIUs).
On Thursday, European Parliament and the Council of the European Union finalized a rule package designed to enhance the EU’s toolkit to fight money laundering, terrorist financing, and sanctions evasion. The deal will next move to formal adoption before its changes enter force.
The changes correspond with the provisional approval last month of the creation of a new agency, the Anti-Money Laundering Authority, to supervise high-risk financial institutions across the European Union regarding their AML and countering the financing of terrorism activities.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
A survey of financial crime professionals found that while three of every four companies added more anti-money laundering employees in 2023, nearly all respondents said growing their department’s headcount alone won’t keep up with emerging risks.
The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Dr. Mehmet Oz, President-elect Donald Trump’s pick to lead the Centers for Medicare and Medicaid Services, has a mandate from Trump to “take on the illness industrial complex” and to cut costs.
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
