Comprehensive Reform of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Rules in the EU

The European Commission has proposed a comprehensive reform of the AML/CFT rules in the EU to prevent money laundering, terrorist financing, and protect the financial system. The key proposals aim to ensure consistency and efficiency in the EU’s AML/CFT framework.

Key Proposals

Centralized Bank Account Registries

• Existing national registers of bank accounts will be connected
• Faster access for Financial Intelligence Units (FIUs) to information on bank accounts and safe deposit boxes

Uniform Limit on Large Cash Payments Across the EU

• A uniform limit on large cash payments across the EU to prevent money laundering
• €10,000 as the proposed limit

Extending AML/CFT Rules to the Crypto Sector

• Full application of AML/CFT rules to all crypto-asset service providers
• Due diligence on customers and traceability of transactions
• Prohibition of anonymous crypto asset wallets

Enhanced Supervision and Cooperation

• Strengthening the role of supervisors and Financial Intelligence Units (FIUs) in detecting and preventing money laundering and terrorist financing

Goals of the Reform

The Commission aims to:

• Ensure consistency and efficiency in the EU’s AML/CFT framework
• Prevent money laundering and terrorist financing
• Protect the financial system and stability in Europe

Next Steps

The proposed reform is part of the Commission’s Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing, adopted in May 2020. The next steps will involve discussions with the European Parliament and Council to finalize the legislative package.