Schuman Associates’ Post

👉 Anti-money laundering: Council and Parliament strike deal on stricter rules Last week, the "Council and Parliament stroke deal on stricter rules" for AML / CFT (in principle, but not yet formalised), which, among other things, includes: 1. New obliged entities (with focus on crypto, luxury goods and sports), 2. Union wide thresholds for KYC and rules 3. Verification requirements for Ultimate Beneficial Owners Registers, changing the calculation and definition of UBO’s 4. Obligation to register real state owners (from 2014) If you need assistance with AML/CFT matters to avoid delays and impact on your day-to-day business, do not hesitate to contact our experts. 👀💻Read more via the link below👇 👉 Follow #BDOLuxembourg #EuropeanCouncil #AML #CFT #Compliance

The #EU new #AML and #Countering Financing of Terrorism (AML/CFT) framework has just been approved by the European Parliament and this is comprised of 4 legal acts being: • A Regulation establishing an EU AML/CFT Authority in the form of a decentralised EU regulatory agency; • A new Regulation on AML/CFT, containing directly applicable AML/CFT rules, including a revised EU list of entities subject to AML/CFT rules (known as obliged entities); • A Directive on AML/CFT, replacing the existing EU AML/CFT Directive (Directive 2015/849 asamended); • A recast of the 2015 Regulation on Transfers of Funds (Regulation 2015/847). Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (TFR)has amended the 2015 EU Regulation on transfers of funds (Regulation 2015/847) to extend its scope to transfers of crypto-assets. #CASPs will need to keep a closer eye on non-custodial wallets, or what European lawmakers call self-hosted wallets & have to identify and verify users, monitor transactions, and request more information about senders and receivers. The application of AML rules to the crypto sector must be looked at in light of the substantive rules that regulate provision of crypto-asset services. Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) delivers a harmonised legal framework regulating the provision of crypto-asset services in the Union. The framework also introduces a definition of crypto-assets and crypto-asset service providers encompassing a broad range of activities that corresponds to and even goes beyond #FATF requirements which will compliment #MiCA Regulation. Some of the obligations will be as follows :ban the possibility to open or use an anonymous crypto-asset account or accounts allowing for the anonymisation or the increased obfuscation of transactions, specific enhanced due diligence measures cross-border correspondent relationships and when performing transactions with self-hosted addresses, obligation for all #CASPs involved in crypto-asset transfers to collect and make accessible data on the originators and beneficiaries of the transfers of virtual or crypto assets they operate. There will also be measures for Digital Identity to introduce significant improvements and will contribute to removing barriers to the cross-border use of digital identities in the financial sector.

📌 The Financial Intelligence Analysis Unit (FIAU) and the Malta Gaming Authority (MGA) have conducted a thematic review concerning AML/CFT knowledge, awareness, and training within the remote gaming sector 📌 The findings provide valuable insights into the application, scope, and timing of Customer Due Diligence. A noteworthy fact from the review is that 4% (😱) of both Money Laundering Reporting Officers (MLROs) and relevant employees interviewed were aware of all situations necessitating mandatory EDD measures. Furthermore, it is encouraging to observe the screening timelines required for PEPs and the reporting obligations applicable to these organisations. Read more 🔍 : https://lnkd.in/ebpqixUP

In 2019, the Financial Action Task Force (#FATF) extended its global standards on AML/CFT to virtual assets VAs and VASPs. This report, the 5th targeted review of the implementation of FATF’s Standards on VAs and VASPs, shows that while some jurisdictions have made progress in introducing regulations, global implementation is still lagging. Compared to the 2023 survey results, jurisdictions, including some with materially important VASP activity, have made progress in putting AML & CFT regulation in place or are in the process of doing so. At CoinDCX, we are a fully compliant platform and as a FIU-IND registered Reporting Entity. We are committed to adhering to AML/CFT regulations in India and work closely with FIU-IND and other authorities to build a transparent and trustworthy ecosystem for digital assets. #Crypto #Regulation #AML You can read more below:

Where the US has made robust frameworks for AML/KYC procedures, it majorly lacks in definitional clarity, fair & tailored-fit regulatory frameworks for VASPs, and a new body to regulate Virtual Assets on a whole. UAE on the other hand, has clearly defined the nuances of different assets, has a proper framework for multiple types of activities, a proper regulatory body that specifically deals with virtual assets AND good AML/KYC requirements in play. ALL THROUGH VARA. This should be a wakeup call for law-makers in the US. Start shipping or get left behind.

𝐄𝐚𝐫𝐥𝐢𝐞𝐫 𝐭𝐡𝐢𝐬 𝐰𝐞𝐞𝐤, 𝐨𝐧 𝐀𝐩𝐫𝐢𝐥 24, 𝐭𝐡𝐞 𝐥𝐚𝐧𝐝𝐦𝐚𝐫𝐤 𝐀𝐌𝐋 𝐏𝐚𝐜𝐤𝐚𝐠𝐞 𝐰𝐚𝐬 𝐚𝐝𝐨𝐩𝐭𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 European Parliament. Following the adoption of the Transfer of Funds Regulation (TFR) in 2023, the EP has now adopted the final texts of rest of the files of the AML Package in this week’s Plenary in Strasbourg - Anti-Money Laundering Regulation (AMLR), the Sixth Anti-Money Laundering Directive (AMLD6) and the Anti-Money Laundering Authority (AMLA), namely the Anti-Money Laundering Package (AML Package). The AMLR and AMLD6 will be fully applied in 2027, and the new AML Authority (AMLA) will be operational from July 2025. The finalized AML Package is of key importance for the cryptoasset industry, which is now officially brought into scope of the new rules to combat money-laundering in the Union. We welcome the efforts put into finalising the AML Package and, with emphasis on the AMLR, we look forward to continue to engage with the upcoming regulatory technical standards that will be drawn up by AMLA, in order to create a safe and pro-innovation regulatory environment for EU customers and crypto operators alike. Formal adoption by the Council is expected in Q2, 2024, ahead of publication in the Official Journal of the EU (OJEU), with an expected entry into force in Q3. 🔗 Link to the EP press release: https://lnkd.in/gpTnHZcQ

A new watchdog with a familiar-ish acroname: It the EU AMLA for AML/CFT, which will no doubt promulgate CIP rules as part of a KYC framework, including filing some type of SAR. Now back to English: Historically the U.S. Department of the Treasury's FinCEN bureau has set the standard for anti-money laundering rules and used the strength and reach of the U.S. economy to have its rules applied far and wide. The European Council just provided the final approval for a European version of FinCEN, which will be headquartered in Frankfurt. It will take a few years to staff up the new EU agency, however once it starts firing on all cylinders the agency has the potential to be a trendsetter based on the size of the European economy (particularly the Eurozone) and the fact that the new agency's mission is strongly related to a core competency of the Union in foreign commercial relations.

Consultation Document - FIAU Implementing Procedures Part II Crypto Assets Sector: Enhanced AML/CFT measures for CASPs are here, with updated risk factors, terminology, and guidance. Stay aligned with all regulatory updates. Feedback open until 29 Nov 2024. #CryptoCompliance #FIAU

📣 For anyone dealing with AML, KYC, data protection or identity regulations in the UK, here is your one page guide to the key bodies and regs you need to know from ComplyCube. Key takeaways: ✅ Use a risk-based approach ✅ Maintain audit records and logs ✅ Conduct Customer Due Diligence (CDD) with robust Identity Verification ✅ Screen customers against sanctions, PEPs, adverse media and watchlists ✅ Continuously screen customers for changes so you're never exposed That sounds like a lot, right? Now imagine doing that manually for hundreds of thousands of customers... maybe you don't need to. With ComplyCube, this can literally be done in seconds. All whilst maintaining the highest levels of confidence under the UK's DIATF. Drop me a DM if you want to learn more.

It was a great pleasure to attend Financial Crime Fighters 2024 Polish Edition 🇵🇱 event organized by FinTech Poland and connect with so many AML professionals from the CEE region. The event provided great opportunity to discuss the challenges faced by the financial sector at regulatory and technology levels, share experiences and best practices. Some of the key messages from my perspective: ✅ Cooperation between public and private sector supported by technological advancement is key to effective fight against financial crime and other illicit activities. ✅ Increasing role of technology in AML space, including advanced data analytics to analyze large volumes of data with an aim of increasing effectiveness, accuracy and reducing information noise. ✅ Securing funding for technology advancements should be one of the top priorities for Management Boards. ✅ Significant impact of MiCA regulation will shape the landscape of the crypto industry in coming months and years. AML Analytics #AMLA #RegTech #FinancialCrime #AML