More NewsEC Takes Action on Non-implementation of EU AML Laws

EC Takes Action on Non-implementation of EU AML Laws

The European Commission (EC) has decided to refer Belgium, Ireland, Spain and Sweden to the European Court of Justice over non-implementation of the Third Anti-Money Laundering Directive. The transposition deadline for the Directive was 15 December 2007. The Directive tightens the EU anti-money laundering (AML) regime currently applicable to the financial sector as well as lawyers, notaries, accountants, real estate agents and casinos. The scope of the Directive is broadened also to encompass trust and company service providers as well as all providers of goods, when payments are made in cash in excess of €15,000. In addition, the Directive requires the application of the AML tools (identification and verification of customers’ identity, record keeping, training of personnel, etc.) to the fight against terrorist financing. The Directive also introduces additional requirements and safeguards for situations of higher risk (e.g. trading with correspondent banks situated outside the EU).

Related Articles

Infosys Finacle to power Santander UK’s international cash management system

More News Infosys Finacle to power Santander UK’s international cash management system

3w The Global Treasurer
Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

4m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

5m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

5m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

5m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

6m Tasja Botha