The European Parliament and Council has finalised a deal to beef up measures to fight money laundering, including a European Union-wide limit on large cash payments of 10,000 euro.
The provisional agreement on the the sixth Anti-Money Laundering (AML) directive and the EU “single rulebook” regulation was announced as part as part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package.
It requires banks and other entities to apply the provisions with additional measures included to ensure full compliance. The new bills also provide access to beneficial ownership information and give more powers to Financial Intelligence Units (FIUs) to analyse and detect money laundering and terrorist financing cases as well as to suspend suspicious transactions.
Additionally, from 2029, the transparency rules will apply to football clubs, too, by requiring them to verify their customers’ identity, monitor transactions and report any suspicious transaction to FIUs.
The Parliament and the Council had previously reached a political agreement on establishing an Anti-Money Laundering Authority (AMLA). The latest deal now needs to be formally adopted by Parliament and Council before it can come into force.
