- Topics
- Regions
- Events
- Webcasts
- Resources
- CW Exclusives
- Membership
“For tracking litigation, enforcement, and regulatory developments, Compliance Week
should be your prime source.”- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
EU nearing tighter AML rules for crypto, luxury traders
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
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumAML pros say tech, not hiring, will keep them ahead of financial crime
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.
-
PremiumAMLA impact dependent on national collaboration
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.
-
News BriefNew European AML agency nearing adoption
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.
More from Regulatory Policy
-
PremiumExperts say DORA compliance not coming easy as more firms pass buck to IT providers
New rules have come into effect across the European Union to promote better cybersecurity and IT resilience across the financial services sector, but experts warn that compliance is likely to be patchy and regulatory enforcement across the bloc perhaps even patchier.
-
News BriefTrump gives TikTok 75-day reprieve after ban goes into effect
President Donald Trump signed an executive order Monday delaying the Department of Justice (DOJ) from enforcing the long-awaited TikTok ban. While the social media platform’s fate is still up in the air, Trump signaled his support for it being sold, with the U.S. as a “partner.”
-
PremiumThe Rise, Fall, and Rise of Crypto: Lessons from FTX amidst a changing regulatory landscape
As President Trump assumes power, the crypto industry is in the spotlight. Trump has tapped popular crypto advocate Paul Atkins to lead the SEC, and crypto proponents feel positive about gaining fast-tracked guidance. Crypto experts and industry leaders share insights into what the industry needs from regulators to drive innovation. ...