British law and accounting firms are spending up to $1.5 million per year in their efforts to comply with a European anti-money laundering directive, according to an industry trade group. The two professions are adjusting to higher costs stemming from the EU's Third Money Laundering Directive, which required the groups to implement stronger anti-money laundering (AML) controls, according to a survey released Monday by the London-based Law Society of England and Wales. The directive, passed in December 2007, required these industries, among others, to give higher scrutiny to politically exposed persons, uncover the beneficial owners of companies and adopt a...
The European Union's commissioners asked lawmakers Wednesday to consider broadening the scope of Europe's anti-money laundering directive, lowering beneficial ownership thresholds and strengthening controls on accounts held for political figures.
Fifteen of the 27 European Union member states face further legal proceedings by the European Commission for their failure to implement the EU's Third Anti-Money Laundering Directive into their national laws.
As the deadline nears for the 25 member countries of the European Union to implement the provisions of the EU Third Money Laundering Directive, U.S. bankers have become aware that it's tougher in some provisions than the USA Patriot Act and other U.S. banking regulations.
A measure that standardizes rules for electronic payment services across the European Union will boost competition among money services businesses, banks and other financial institutions, MSB professionals say.