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ARTICLE · 28 MAY 2024

Regulatory Insights - April 2024

KPMG in Cyprus
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We are pleased to present our regulatory Insights April 2024 edition, which outlines the latest updates on regulatory developments in Cyprus and Europe.

European UnionFinance and Banking
Eleni Neocleous
Eleni Neocleous
Marie-Hélène Angelides
Marie-Hélène Angelides
Eleni Poyiadji
Eleni Poyiadji
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ANTI-MONEY LAUNDERING

New EU rules to combat money-laudering adopted

On 24 April 2024, the EU Parliament announced that it had voted in plenary to adopt three pieces of anti-money laundering legislation, and published the adopted texts of:

  • the proposed Regulation on the prevention of the use of the financial system for the purpose of Money Laundering or Terrorist Financing ("ML/TF") ("AML Regulation")
  • the proposed Regulation establishing the Anti-Money Laundering Authority ("AMLA"); and
  • the proposed 6th Money Laundering Directive ("MLD6").

The EU Commission also published a factsheet, an FAQ document, and an article which can be accessed here.

The EU Council must now adopt the legislation formally, after which it will be published in the Official Journal of the EU ("OJ").

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