This report has been drafted on the basis of contributions by national banking associations collected from January to July 2011. It offers an inventory of national regulations on the fight against money laundering in about 30 European countries.
On the occasion of the European Commission’s consultation aiming at assessing and reviewing the 3rd Anti-Money laundering Directive, the EBF, with the publication of its report, takes the opportunity to highlight some major points and recommendations which it believes the European Commission should take into consideration.
Risk-based Approach (RBA): The EBF encourages the publication of an annex to the Directive which would contain a harmonized list of EU-wide recognized identity documents issued by Member States. This annex would greatly facilitate the risk-based identification of customers by financial institutions, also in a cross-border context. A specification of core risk assessment factors would also help in implementing the RBA in a harmonized manner, thus avoiding competitive distortions which
may otherwise result if the provision remains as vague as it currently is.
Beneficial Ownership (BO): The obligations concerning the identification of a BO are one of the most challenging elements of the 3rd EU AML Directive to be implemented. In the current context, the EBF considers the inclusion in public registries of harmonized, reliable, transparent, detailed and updated shareholding as well as Beneficial Ownership information concerning non-listed companies, as imperative.
Simplified Due Diligence (SDD): The EBF considers that the regulatory framework on Customer Due Diligence should take into account the different levels of risk of certain customers and products. The rules currently laid out in the Directive should avoid overly bureaucratic and rulebased criteria concerning SDD.
Report page link: here
Direct report link: here