The European Union has recently implemented significant revisions to its anti-money laundering (AML) regulations. Some set to enter into force in 2025. This blog post explains the key changes and what customs professionals need to do to prepare for the new regulations.
What Questions I Will Answer in this blog:
What is the AML Package?
What are the key changes and implications of the AML Package?
How can obliged entities best prepare today?
Introduction
The European Union has recently finalized significant revisions to its rules countering money laundering and terrorist financing, collectively known as the AML Package. This comprehensive set of regulations aims to strengthen the existing framework and enhance the fight against financial crime. In this blog post, I, Arne Mielken, a customs, export control, and sanctions expert, will delve into the key aspects of the AML Package and provide practical guidance for customs professionals to ensure compliance.
"The new AML rules are complex and far-reaching. But by taking steps now, customs professionals can ensure they are compliant and avoid penalties." Arne Mielken, Managing Director of Customs Manager Ltd
Abbreviations I Use in This Blog
AML - Anti-Money Laundering
CFT - Counter-Terrorist Financing
AMLD4 - Fourth Anti-Money Laundering Directive
AMLD6 - Sixth Anti-Money Laundering Directive
AMLR - Anti-Money Laundering Regulation
AMLA - Anti-Money Laundering Authority
What is the AML Package?
The AML Package is a collective term for four legislative acts that were recently finalized by the European Union to strengthen the existing regulatory framework against money laundering and terrorist financing. These acts include: