New anti-money laundering rules to come into force in the EU

EU countries will have two years from then to implement the rules contained in the Directive into national laws.

The Directive applies to a range of businesses, from banks and other financial institutions to auditors and accountants. The rules will also have to be complied with by any other kinds of businesses involved in making or receiving cash payments for goods worth at least EUR 10,000, regardless of whether payment is made in a single, or via a series of linked, transactions.

The new regime will bring into force new customer due diligence checking requirements, together with new obligations to report suspicious transactions and maintain records of payments. Businesses subject to the rules will also have to install internal controls to combat money laundering and terrorist financing activities under the framework.