The agreement should lead to amendments to the AMLD, as well as determine the direction of the AMLA (the future regulator). There are several key points of the agreement reached.
Registers of beneficial owners will be reopened.
In this way, members of the public with a legitimate interest, including the press and non-profit organizations, will be able to access the registers of beneficial owners of companies.
Enhanced Due Diligence.
The European Commission will conduct an EU-level assessment of the risks of money laundering and terrorist financing and will prepare recommendations for Member States on the measures they should use when conducting risk assessments at national level.
Expanding the circle of accountable entities.
Sellers of cars, high-end aircraft and yachts, as well as works of art will become obligated entities. Other sectors that will be subject to customer due diligence and reporting obligations will include sellers of luxury goods such as precious metals, gemstones and watches.
All cryptoasset service providers will be required to conduct due diligence on their clients. KYC measures will be applied for transactions over EUR 1,000.