The European Parliament has adopted a comprehensive package of laws aimed at strengthening the European Union’s toolkit to combat money laundering and terrorist financing. This legislation grants individuals and entities with legitimate interests—such as journalists, media professionals, civil society organizations, competent authorities, and supervisory bodies—access to beneficial ownership information held in national registries interconnected at the EU level.
Additionally, Financial Intelligence Units (FIUs) will gain enhanced competencies to analyze and detect money laundering and terrorist financing cases, along with the authority to suspend suspicious transactions. Obliged entities, such as banks, asset and crypto asset managers, must perform due diligence measures and identity checks on customers, reporting any suspicious activities to FIUs and other competent authorities.
Furthermore, a new authority, the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), will be established to directly supervise the riskiest financial entities and intervene in cases of supervisory failures. AMLA will act as a central hub for supervisors and mediate disputes between them, also overseeing the implementation of financial sanctions.
It should be noted that these laws still need to be formally adopted by the Council before publication in the EU’s Official Journal.
At Chrystis & Co LLC, our lawyers remain up to date on all legislative developments to ensure your compliance with EU anti-money laundering regulations is robust and effective.
