Presentation and Update on the European Commission’s AML/CFT Package

• Year: 2023

Speaker

Chiara Bacci works as a policy officer in the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union. She joined the financial crime unit in 2019 and leads the team dealing with the EU anti-money laundering framework.

Prior to that and since joining the Commission in 2014, Chiara dealt with a number of files relating to the internal market, from consumer protection to antitrust rules. Between 2016 and 2020, she has been involved in the preparation of the UK’s exit from the EU and the negotiation of the Trade and Cooperation agreement. Chiara graduated from the University of Bologna in public, political and social communication and holds a specialised MA in diplomatic studies.

Topic

The e-presentation aims to offer a comprehensive and up-to-date understanding of the European Commission's Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) package, along with its accompanying legislative proposals. This package encompasses various key components, each designed to address specific aspects of AML/CFT regulations and reinforce the European Union's commitment to combatting financial crimes.

First and foremost, the package includes the AML/CFT Regulation, which outlines the set of rules and obligations applicable to the private sector. This regulation establishes a robust framework for entities operating within the EU, such as financial institutions, payment service providers, and virtual asset service providers, to effectively detect, prevent, and report any suspicious transactions or activities related to money laundering or terrorist financing.

Additionally, the AMLA Regulation is an integral part of the package, focusing on the oversight and supervision of the EU's AML/CFT architecture. This regulation aims to strengthen the existing supervisory framework and enhance cooperation between national competent authorities, ensuring consistent implementation and enforcement of AML/CFT measures throughout the EU.

The 6th AML/CFT Directive is another crucial element within the package, providing a comprehensive...