Anti-Money Laundering and Counter Terrorist Financing
WSBI-ESBG participate in the shaping of new anti-money laundering legislation by contributing expertise of its member savings and retail banks. They monitor and contribute to any AML/CFT initiative and consultation launched by the Financial Action Task Force (FATF) and other institutional European and international bodies and organisations.
Updated: December 2016
ESBG participated in the drafting of the European Banking Industry Committee (EBIC) position on the proposed amendments to the 4th Anti Money Laundering Directive (4th AMLD).
A point of special concern for ESBG is the issue of e-identification. While the inclusion of a clear reference to the eIDAS regulation in the proposed amendments is generally welcomed, ESBG members express their disagreement with the fact that the scope of methods of e-identification is proposed to be limited solely thereto without any good justification. This would make it impossible to utilize methods, which will for various reasons not be notified by Member States under the eIDAS regulation. Therefore, the final text of the EBIC position clearly states that the scope should be widened to the benefit of the whole of the EU.
Moreover, the comments made by EBIC inter alia also represent the view that the deadline for implementation of both the 4th AMLD and the proposed amendments thereto (1st January 2017) is unrealistic. This is due to the fact that in most Member States, a bill for transposition of the directive has yet to be presented. Moreover, even once these are adopted, additional time will be needed for technical implementation thereof.
The 4th AMLD was adopted in 2015 with the implementation deadline thereof originally being set for mid-2017. However, following the Paris terrorist attacks, the Commission in its Action Plan for strengthening the fight against terrorist financing encouraged Member States to implement this piece of legislation by the end of 2016 at the latest. Shortly thereafter, the Commission also proposed extensive amendments to the 4th AMLD. These amendments were designed to set out additional measures to better counter the financing of terrorism as well as to ensure increased transparency of financial transactions and legal entities and, if adopted, should be implemented at the same time as the directive itself.