The Authority for Anti-Money Laundering and Countering the Financing of Terrorism has finalized three sets of draft regulatory technical standards that provide obliged entities with a common framework for applying the European Union’s anti-money laundering and countering the financing of terrorism requirements. The standards clarify the treatment of business relationships and occasional or linked transactions, set customer due diligence requirements and establish minimum arrangements for groups, completing work that included earlier consultation on group-wide controls and third-country operations. The customer due diligence standards cover information collection and verification, proportionate measures for lower-risk cases, remote and electronic identification, and screening of politically exposed persons, their families and close associates. The group-wide standards address governance, risk management, internal controls and secure information sharing, while the transaction standards seek to ensure consistent application of due diligence thresholds. The final drafts have been submitted to the European Commission. Once adopted and published in the Official Journal of the European Union, they are proposed to apply six months after entering into force, with application to football agents and professional football clubs from July 10, 2029.
European Union's Authority for Anti-Money Laundering and Countering the Financing of Terrorism finalizes three standards for private sector controls
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism has finalized three sets of draft standards covering transaction classification, customer due diligence and group-wide controls. The drafts have been submitted to the European Commission and are proposed to apply six months after entering into force, with football agents and professional football clubs covered from July 10, 2029.