- 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.
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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.
Within two weeks of gaining power, the U.K.’s newly elected Labor government has confirmed its intention to beef up the audit regulator and strengthen corporate governance.
The U.K. Financial Conduct Authority is revamping the London Stock Exchange rules, but more changes may be needed to achieve growth and attract initial public offers, experts said.
The Treasury Department’s Office of the Comptroller of the Currency proposed a rule that would extend requirements for recovery plans to all banks with at least $100 billion in assets.
