The European Commission is convinced that the new AML/CFT bureaucracy of the AML Package will be useful in the fight against crime, read New AML rules will change the EU’s financial crime prevention landscape for good. But what will change in practice?
According to the article simple examples of the changes are:

• Registering beneficial owners of real estate owned by foreign companies and trusts.
• An EU-wide cap on large cash payments, set at €10 000.

New AML obligations for:

• sellers of luxury items;
• crowdfunding platforms, that have to check the project owners and the intended project;
• crypto-asset service providers;
• football clubs and football agents.

Better to keep quiet about the sweeping changes and complexity of the new regulations.