EU proposals give banks greater enforcement role, expert says
European Commission plans to expand anti-money laundering legislation
New proposals released by the European Commission to reinforce anti-money laundering (AML) regulation will give banks a greater enforcement role, a senior consultant says.
The proposals, released on February 5, complement previous AML rules. Key elements of the new directive include the expansion of provisions dealing with politically exposed persons (PEPs), increased coverage of the gambling sector, and a decrease in the current cash payment reporting threshold to €7,500.
Particularly
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