The drafts of the European Anti-Money Laundering Regulation, Regulation (AMLR) and the new Anti-Money Laundering Directive (AMLD6) are circulating. If these drafts will turn into final texts, they will create major changes in European anti-money laundering (‘AML’) legislation and will increase the compliance burden of all small and medium-sized companies (SMEs) that are ‘obliged entities’ under AML legislation.
As clients of obliged entities NGOs and SMEs will be affected negatively by the decreasing ‘risk appetite’ of these obliged entities, a trend that is already shown in the Netherlands.
Europe seems to be completely disinterested in the de-risking and exclusion practices that are the consequence of AML legislation. The impossible requirements and high compliance costs do not play any role for the European originators of these drafts. Data protection and cybersecurity are irrelevant as well. And all obliged entities are supposed to understand the complicated, incomprehensible and quickly changing rules.
It will pave the way for IT-providers promising to make compliance ‘easy’. Only big companies with large compliance departments will survive as obliged entities.
Of course payment in cash is limited, according to the drafts. The surveillance society is inevitably coming, because of the AML-role of banks.
Head of the central bank of central banks says Central banks will have total control of how you spend your money.
— DeFiant Rabbit ⚪️ (@Leve_raged) July 8, 2021
More information:
- Draft AMLR (pdf)
- Draft AMLD6 (pdf)
One of the articles:
- Geldwäsche: EU plant Bargeld-Obergrenze, SZ 7 July 2021.
Ellen Timmer - juridische artikelen en berichten 