Regulatory Alerts2020-05-04
Added · Updated
Entry into Force of Laws Amending AML Framework and Establishing Central IBAN Data System
The Law of 25 March 2020 entered into force on 30 March 2020, amending the Law of 12 November 2004 on the fight against money laundering and terrorist financing and several related professional organization laws. The amendments introduce new definitions for virtual assets, extend the scope of AML/CFT supervision to entities such as tied agents and virtual asset service providers, and revise customer due diligence requirements, including reducing simplified due diligence thresholds to EUR 150 and prohibiting anonymous safe-deposit boxes. A separate law entered into force on 26 March 2020 establishing a central electronic data retrieval system for IBAN accounts and safe-deposit boxes to identify account holders and controllers.