financial test

The European Parliamentary Research Service (EPRS) has published a briefing on the Anti-Money Laundering (AML) Package 2021 (expected Q2 2021).

The forthcoming AML package is expected to contain the following building blocks:
– A single EU rulebook to define the customer due diligence (CDD) requirements to be applied by obliged entities throughout the internal market;
– a supervisor at the EU level competent for:
(i) direct supervision of certain financial institutions;
(ii) indirect supervision/coordination of the other financial institutions;
(iii) a coordination role for supervising the non-financial sector as a first step;
– A coordination and support EU mechanism for Member States’ Financial Intelligence Units (FIUs).

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