Regulatory Alerts2021-07-21
Added · Updated
MFSA Circular on European Commission AML/CFT Legislative Proposals
The European Commission adopted measures on 20 July 2021 proposing a new AML Rule Book to define customer due diligence requirements and harmonize rules across the internal market. The proposals include establishing an EU-level Anti-Money Laundering Authority (AMLA) to directly supervise certain financial institutions and coordinate national supervisors, alongside a sixth Directive (AMLD6) replacing Directive 2015/849/EU. Additionally, the Commission proposed amending Regulation 2015/847 to extend the travel rule to Virtual Asset Service Providers, requiring them to collect and share originator and beneficiary data for crypto-asset transfers.