Third AML directive receives warm welcome
BRUSSELS – The Third Anti-Money Laundering Directive , which was made official on September 20, has generally been seen as an improvement over the previous two versions. It is intended to incorporate into EU law revisions made to the Financial Action Task Force (FATF) recommendations that were put forward in June 2003.
In general, the directive has been welcomed by the banking industry and has clarified areas that raised concerns in the first and second directives. The adoption of the risk-based approach advocated by the FATF has helped in the area of the identification of customers and beneficial owners. Séverine Anciberro, legal adviser, European Banking Federation in Brussels, notes that he new directive applies the principle of mutual recognition of customer due diligence procedures between member states
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