In a backdrop of new militant attacks opposite a European Union and a Panama papers leak, a European Commission has put onward a offer to rectify a existent Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The offer calls for a amendment of EU Directive 2015/849 and Directive 2009/101/EC, both associated to impediment of income laundering or militant financing.
The offer includes a array of measures to forestall militant financing by exploiting existent loopholes in a stream regulations. It is also directed during augmenting clarity in financial exchange associated to both people and corporate entities. According to a proposal, a list of activities carrying a risk of apprehension financing includes money transactions, trade of informative artifacts, practical currencies like Bitcoin and other digital currencies and unknown prepaid cards.
The European Commission has come adult with this offer after consulting with several stakeholders in a Union’s mercantile system. Inputs from EU member states, member of a European Parliament, member of required payments services sector, digital banking exchanges, wallet services, member from a digital banking community, stakeholders from banking and financial sector, Financial Intelligence Units, Europol, European Data Protection Supervisors and several consumer organizations in a segment were considered