Drafts for AMLR and AMLD6: the compliance burden will increase and the surveillance society is on the way | AML

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.

 

 

More information:

One of the articles:

Over Ellen Timmer, advocaat ondernemingsrecht @Pellicaan

Verbonden aan Pellicaan Advocaten, http://www.pellicaan.nl/, kantoor Rotterdam, telefoon 088-6272287, fax 088-6272280, e-mail ellen.timmer@pellicaan.nl ||| Weblogs: algemeen: https://ellentimmer.com/ || modernisering ondernemingsrecht: http://flexbv.wordpress.com/ ||| Motto: goede bedoelingen rechtvaardigen geen slechte regels
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