The EU Council and Parliament found a provisional agreement on parts of the anti-money laundering package that aims to protect EU citizens and the EU’s financial system against money laundering and terrorist financing.

With the new package, all rules applying to the private sector will be transferred to a new regulation, while the directive will deal with the organisation of institutional AML/CFT systems at national level in the member states.

The provisional agreement on an anti-money laundering regulation will, for the first time, exhaustively harmonise rules throughout the EU, closing possible loopholes used by criminals to launder illicit proceeds or finance terrorist activities through the financial system.

The single rulebook will newly subject professional soccer clubs, luxury car sellers and private jet traders to AML rules, require financial institutions to conduct enhanced due diligence on wealthy customers engaged in large transactions and introduce an EU-wide limit on cash payments of €10,000.

The agreement on the directive will improve the organisation of national anti-money laundering systems.

View the relevant announcement with further details here