The EU has finally introduced new anti-money laundering rules for payment firms operating through networks of agents or distributors, more than a year after a final draft text was submitted to the European Commission.
Regulatory technical standards that support the 4th Anti-Money Laundering Directive (4th AMLD) let member states require firms to appoint a “central contact point”, for the purposes of better compliance with financial crime rules.
The provision can be applied to payment and e-money institutions operating on a cross-border basis, specifically in member states where they have an establishment but not a branch.
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