EC Proposals for 4th Anti-Money Laundering Directive and Regulation on Funds Transfer Information

The European Commission has today adopted two proposals in the area of Anti-Money Laundering:

  1. A directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
  2. A regulation on information accompanying transfers of funds.

The two proposals will have a considerable impact for the industry, given the changes in scope, definitions and the proposed elimination of the Simplified Due Diligence regime. This impact will also be part of the discussion during the European Commission Conference on the new framework for fighting money laundering, which is planned on March 15 in Brussels.

Further background information on the proposals, including the impact assessments, can be found on the EU-Commission website. The next steps will consist of further discussion in European Parliament and between Member States to determine the final text of the proposal.