The European Union is updating its anti-money laundering (AML) regulations to take a more risk-based approach, lower by half the threshold that triggers AML procedures, and provide better transparency regarding the true owners of entities.
The European Commission last week adopted two proposals toward that end, its fourth AML directive and a complementary regulation on what information must accompany fund transfers to ensure traceability. The update was initiated after new international AML standards were published in 2012 by the Financial Action Task Force (FATF).
