AML Regulation – table of contents

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)

1 – Subject matter, scope and definitions

(a) positive scope – list of obliged institutions

(b) exclusions in national options for: (i) certain gambling service providers, (ii) entities performing limited financial activities

2 – Internal procedures and documentation

(a) scope and content of internal documentation

(b) internal risk assessment

(c) compliance functions

(d) requirements for compliance officers

(e) requirements for obliged institutions belonging to group

3 – Customer due diligence measures

(a) circumstances and method of application of customer due diligence measures

(b) types of customer due diligence measures and specific requirements for their implementation

(c) identification and verification of the customer and beneficial owner

(d) regulatory technical standards (RTS) on information necessary to implement due diligence measures

(e) third country rules

(f) simplified and enhanced due diligence measures

(g) due diligence measures for cross-border correspondent relationships

(h) rules in relationships with politically exposed persons (PEP)

(i) outsourcing the implementation of customer due diligence measures

4 – Transparency of information about real beneficiaries

(a) rules for identifying and reporting information on beneficial owners

5 – Reporting obligations

(a) general rules for reporting suspicious transactions and activity

(b) special rules for particular groups of obliged institutions

6 – Data protection and record keeping
7 – Reduction of risks associated with anonymous instruments

(a) rules for anonymous accounts and bearer shares

(b) restrictions on high value cash payments

8 – Final provisions

(a) powers of the European Commission to adopt delegated acts

(b) effective date within 3 years of entry into force