Anti-Money Laundering regime in the European Union

On the 28th January, the Head of EU and Financial Strategy for XReg Consulting, Dimitrios Psarrakis updated GFIA members on the emerging reforms to the Anti-Money Laundering (AML) regime in the European Union (EU) focusing particularly on its applicability to digital assets.

He explained that the new regime will see the creation of a new supervisory body, the Anti-Money Laundering Authority (AMLA), explaining that it will assume AML responsibilities from the European Banking Authority. Additionally, it will assume FIU-NET’s responsibility from EUROPOL in promoting cooperation between national financial information units, facilitating communication and joint analyses by them.

The EU will also adopt a package of new legislation including a new Anti-Money Laundering Regulation (AMLR); the Sixth Anti-Money Laundering Directive (AML6); and a new Transfer of Funds Regulation (TFR).

Dimitri highlighted some of the key changes which will derive from the new regime, as well as, giving some practical examples on the implications, stressing the major impact that it is expected to have on the financial industry as a whole.

He commented that through the increased passing of regulations over directives, as with the incoming reforms, the EU continues to move from enhanced coordination between Member States towards harmonisation.

The webinar is available to watch, if you would like to watch the webinar please contact our admins at info@gfia.gi