REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL ON THE PREVENTION OF THE USE OF THE FINANCIAL SYSTEM FOR THE PURPOSE OF MONEY LAUNDERING OR TERRORIST FINANCING (PROJECT OF 20.07.2021)
The AML Regulation transposes the provisions addressed to obliged institutions so far contained so in the AML Directives EU-wide and provides for a complete harmonization of their application. It will lead to uniform rules and obligations for obliged institutions across the European Union.
In addition to fully harmonizing existing rules and obligations, the AML Regulation also introduces new rules and obligations and expands on existing ones, including:
- expanding the list of obliged institutions to include, among other things, cryptocurrency service providers not yet covered by the scope of the AML Directive, crowdfunding platforms other than those referred to in Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European providers of crowdfunding services for business ventures or entities providing immigration services in connection with investor residency programs
- more specific requirements for internal procedures and documentation as well as application of customer due diligence measures
- changes in the determination of politically exposed persons (PEP)
- more detailed rules on reporting suspicious transactions and suspicious activity
- introduction of restrictions on high-value cash transactions