The Fourth Money Laundering Directive is designed to reinforce the supranational approach to combating money laundering and terrorist financing. The Directive brings the EU’s framework into alignment with the Financial Action Task Force’s international anti-money laundering and counter-terrorist financing recommendations.
The Fourth Money Laundering Directive will repeal and replace the Third Money Laundering Directive (2005/60/EC) and the Third Money Laundering implementing Directive (2006/70/EC).
The Regulation on information accompanying transfers of funds will revise Regulation (EC) No 1781/2006. This Regulation will set out rules for payment service providers to send information on the payer throughout the payment chain for the purposes of prevention, investigation and detection of money laundering and terrorist financing.
The Fourth Money Laundering Directive (on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing) came into force on 25 June 2015. It entered into force and effect as of 26 June 2017.
On 15 October 2019, the Financial Conduct Authority (“FCA”) published consultation paper CP19/29: Recovery of costs of supervising cryptoasset businesses under the proposed anti-money laundering regulations: fee proposals (“CP19/29”).
Anti-money laundering, terrorist financing, and know your client obligations
FCA-authorised firms are required, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017 (“MLRs”), to implement anti-money laundering (“AML”) measures.
On 11 December 2018, the German Federal Financial Supervisory Authority (BaFin) has published its Guidance on the construction and application of the German Money Laundering Act (“GwG”) (“Auslegungs- und Anwendungshinweise zum Geldwäschegesetz”). By doing so, BaFin fulfils its duties to provide such guidance according to sect. 51 GwG. Background of ...
Against the backdrop of the 4th and 5th Anti-Money Laundering Directives, Belgium passed a law dated 18 September 2017 on preventing money laundering and terrorist financing, and restricting the use of cash (“AML Law”). The AML Law laid the groundwork for a domestic ultimate beneficial owners (“UBOs”) register in readiness ...
The Executive Director of Supervision for Investment, Wholesale and Specialists at the Financial Conduct Authority (“FCA”) has encouraged firms to develop technology to help combat financial crime. In her speech at the Anti-Money Laundering TechSprint event on 22 May, Megan Butler reiterated that the FCA has a public duty to ...
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FCA CP19/29 on recovering the costs of supervising cryptoasset businesses under the Money Laundering Regulations. For the registration fee proposal, the consultation closes on 11 November 2019. The FCA intends to publish feedback and confirm the registration fee in its December 2019 Handbook Notice.
For the periodic fee proposal, the consultation closes on 10 December 2019. The FCA intends to publish feedback in its April 2020 annual fee-rates consultation paper.
From this date, businesses must comply with the MLRs 2017 in relation to cryptoasset activities and the FCA will have powers to supervise and enforce under the MLRs. The FCA gateway will open on this date for businesses to submit applications for entry to the register.
The last date on which the FCA will receive applications for "priority review". The FCA will work with applicants whose applications it received before this date to ensure that it has all the information needed by 10 October 2020, to meet the 10 January 2021 deadline.
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