EU Regulators Invite Comment on AML Regulations

December 14th, 2015

 

Rob Gruppetta, Head of Financial Crime at the United Kingdom’s (UK) Financial Conduct Authority (FCA), delivered remarks at the Accuity Anti-Money Laundering (AML) Risk Reduction and Compliance Europe Conference this week on December 8, 2015. The speech, entitled Examining the Future of AML Regulations, surveyed the current AML landscape across the UK and the European Union (EU).  Gruppetta explained that UK regulators have not yet decided on the details of the implementation of the European money laundering directive.  He said, “How will these requirements be put into effect?  Well, the detail is not yet decided.” He followed by inviting firms to participate in the upcoming comment and consultation period.

Simultaneously, other European regulations, including the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA), are inviting feedback on recently published guidance on AML regulations and enforcement. In his remarks Gruppetta also encouraged firms to participate in the FCA’s data return consultation and deploy innovative technology to meet AML requirements.

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Gruppetta’s Speech: