European Council adopts EU AML package

14 juin 2024 par
Legitech, LexNow

On 30 May 2024, the European Council has adopted a package of new anti-money laundering rules.

The regulation harmonises anti-money laundering rules in more fraud-restrictive manner for the first time across the EU. It extends the anti-money laundering rules to new obliged entities, such as most of the crypto-sector, luxury goods traders and football clubs and agents by imposing, inter alia, stricter due diligence and by limiting cash payments to 10,000 EUR.

It also establishes the European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), with direct and indirect supervisory powers over high-risk entities.

The text has to be published in the EU’s Official Journal and will enter into force 20 days after its publication.

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