In July 2024, the European Union implemented a new anti-money laundering and counter-terrorism financing framework, marking the establishment of the European Anti-Money Laundering Authority (AMLA) and the beginning of a new era in AML/CFT regulations. This updated framework extends its reach to include entities such as crypto-asset service providers, professional football clubs, and agents, bringing them under the umbrella of AML/CFT regulations.
Furthermore, the new regulations introduce additional obligations, such as restrictions on cash payments and enhanced reporting requirements for dealers in high-end luxury goods. These changes aim to streamline and standardize existing obligations while also addressing emerging risks in the financial sector.
To help financial institutions and other stakeholders navigate these complex regulatory changes, KPMG has released the second edition of its Forensic AML/CFT Regulatory Radar. This comprehensive guide offers insights into the latest developments in AML/CFT regulations within the EU and the Netherlands, ensuring that readers are up to date on the evolving regulatory landscape.
For those interested in learning more about the AML/CFT Regulatory Radar and staying informed about risk and regulatory updates, KPMG offers the opportunity to download the publication and sign up for periodic mailings. By subscribing to these updates, stakeholders can access valuable information to help them comply with the latest AML/CFT requirements and protect their businesses from financial crime.
Overall, the implementation of the new EU AML/CFT framework signifies a significant step towards strengthening financial integrity and combatting illicit activities within the European Union. The establishment of AMLA and the expansion of regulatory obligations to cover a wider range of entities demonstrate the EU’s commitment to enhancing AML/CFT measures and safeguarding the integrity of the financial system. Stakeholders are encouraged to stay informed and proactive in complying with these new regulations to ensure a secure and transparent financial environment for all.
