European Commission 2020 Action Plan on AML/CTF and 2021 legislative package

The European Commission Action Plan for a Comprehensive EU policy on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) (Action Plan) provides for an overhaul of the European Union’s AML/CTF legal framework and regulatory requirements. In particular it proposes: (i) a single EU-level supervisory Anti-Money Laundering Authority (AMLA) which among other things will directly supervise cross-border financial entities from 2026; (ii) a single EU AML/CTF Rulebook for which AMLA will create regulatory technical standards (RTS); (iii) a unified AML/CTF regulatory framework which among other things harmonises customer due diligence (CDD) measures and beneficial ownership resting on a directly applicable AML/CTF Regulation; and (iv) to fully apply EU AML/CTF rules to cryptocurrencies.

Commission Action Plan

In May 2020 the European Commission published for consultation its Action Plan to strengthen and harmonise the EU’s...