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.
Irish lawmakers introduced a measure Tuesday that would impose anti-money laundering rules on casinos and company service providers in an effort to bring the country in line with a European directive.
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.
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