On June 20, 2024, the Bangko Sentral ng Pilipinas (BSP) issued a guidance paper directing all supervised financial institutions to adopt best practices in identifying and managing beneficial ownership information.
To read more, click here https://www.fcctimes.com/2024/06/20/strengthening-beneficial-ownership-due-diligence-best-practices-and-regulations/?utm_source=LinkedInText&utm_medium=FCCRegUpdate_12Jul24
On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
