EU parliamentarians could block European Commission plans to amend a list of countries deemed high risk in terms of financial crime, part of the incoming 4th Anti-Money Laundering Directive.
European Parliament officials remain divided on whether prepaid cards and virtual currencies should be more tightly regulated under amendments to EU anti-money laundering laws.
After a turbulent and unpredictable 2016, the global payments industry has its work cut out to prepare for a flurry of regulatory, legislative and policy reforms.
A landmark year for the global payments sector, 2016 was characterised as much by legal reforms as by seismic shifts in the political landscape. Regulators in the UK launched unprecedented new...
Officials in Brussels have sprouted plans to change the definition of cash to include prepaid cards, as part of new proposed regulation on funds entering and leaving the union.
EU member states and financial transparency campaigners have said the European Council’s final position on amendments to the 4th Anti-Money Laundering Directive are “truly alarming”.
Italian regulators have proposed tightening anti-money laundering controls for payments businesses passporting into the country, to address concerns that supervision in other EU states is too lax,...
Slovakian authorities are rapidly moving ahead with plans to implement the 4th Anti-Money Laundering Directive, according to a source familiar with their thinking.
Legal experts have warned payments institutions passporting throughout the EU that incoming anti-money laundering laws may require them to have a physical presence in every member state where they...
Austrian regulators are warning that criminals are pairing virtual currencies with “multi-level marketing plans” to defraud consumers, in an area largely unregulated in national law.
The European Parliament has resisted proposals to cap all online payments at €50 if made using anonymous e-money instruments, according to its initial response to the so-called “5th AMLD”.
The French government has finalised amendments to e-money laws, including new top-up thresholds, designed to prevent the use of anonymous payment methods for financing terrorist activity.
The Financial Conduct Authority (FCA) has suggested ambitious changes to financial crime controls in the UK, including scrapping personal liability for compliance officers and carrying out more on...
The UK discusses beneficial ownership and current account reforms; the U.S. imposes sanctions on a money exchange accused of having links to Al Qaida operations in the Middle East; a rise in the...
HM Treasury has said it will examine whether UK prepaid card and e-money businesses could be adversely affected by EU anti-money laundering reforms.
The European Council has approved proposals to tighten controls on prepaid cards and virtual currencies under amended anti-money laundering (AML) laws, but struck out plans to bring the...
Calls from within the EU for further amendments to anti-money laundering reforms, including a significant expansion of the list of high-risk jurisdictions, could cause unwanted knock-on effects for...
The European Central Bank (ECB) has said it has “several concerns” around EU proposals to legitimise virtual currency businesses by bringing them within the scope of financial crime laws.
Last-minute amendments to EU anti-money laundering (AML) laws are highly unlikely to be finalised by January, despite determination from the European Commission to hasten the process,...
The UK's HM Treasury has opened an industry consultation on how EU-wide anti-money laundering (AML) reforms will be transposed into national law in the country.​

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