Political agreements have now been reached on the remaining texts of the AML/CTF Package: the new AML/CTF directive ("AMLD"), AML/CTF regulation ("AMLR") and the anti-money laundering authority regulation ("AMLAR").
The above texts are expected to be officially adopted by the EU Parliament in late April, which will be followed by their adoption by the Council of the EU and their publication in the Official Journal of the EU ("OJEU").
The new AML/CTF Package provides for a broad range of amendments to the current AML/CTF framework, which will become progressively applicable over the next few years and impact all obliged entities.
The application of the AML/CTF Package will notably entail the need for obliged entities to review and adapt their current policies and procedures, internal processes and controls.
Our regulatory team is expertly positioned to guide you in understanding and properly implementing the upcoming changes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.