#EUPrivacyCoinBan The European Parliament has officially adopted a new Anti-Money Laundering Regulation (AMLR).
On May 31, 2024, the European Parliament and the Council of Europe adopted a new legislative package to combat money laundering and financing of terrorism (AML/CFT). This package includes a new Anti-Money Laundering Regulation (AMLR) aimed at updating and harmonizing anti-money laundering rules across the European Union.
🛑The new AMLR regulation aims to:
👈Expanding the scope of obligated entities: The new rules will apply to more entities, including cryptocurrency service providers and football agents.
👈Enhancing customer due diligence measures: The regulation will require obligated entities to conduct more due diligence to identify and verify customers and monitor their transactions.
👈Increasing transparency regarding beneficial owners: The regulation will improve access to information about the beneficial owners of companies and trusts.
👈Setting a cap on large cash transactions: A maximum limit of €10,000 will be imposed on large cash payments across the European Union.
👈Establishing a new European Anti-Money Laundering Authority (AMLA): AMLA will be a central authority for supervision and coordination in the field of anti-money laundering and financing of terrorism at the EU level.
Most provisions of the AMLR regulation are expected to come into effect on July 10, 2027. However, some provisions related to football agents and professional football clubs will take effect on July 10, 2029.
As for the new European Anti-Money Laundering Authority (AMLA), it is scheduled to start its work on July 1, 2025.
This new regulation represents an important step in the EU's efforts to combat money laundering and financing of terrorism and to protect the EU's financial system.