The new anti-money laundering and countering the financing of terrorism (AML/CFT) legislative package of the European Union
DOI:
https://doi.org/10.46941/2025.se1.11Keywords:
money laundering, financing of terrorism, AML/CFT, EU AML/CFT legislative package, EU Single Rulebook, EU AML/CFT Directive, AML/CFT Act.Abstract
The final elements of the new anti-money laundering and countering the financing of terrorism legislative package of the EU were published in the Official Journal on 19 June 2024. The highly ambitious legislative package delivers a stronger and consistent set of anti-money laundering and countering the financing of terrorism rules at EU level. The implementation of the legislative package can be achieved by comprehensively amending the Hungarian AML/CFT Act (or the adoption of a new AML/CFT Act) and the provisions of the current AML/CFT Act must be reviewed and modified on the basis of the new requirements.
This study analyzes some of the most important differences between the requirements of the EU AML/CFT Directive currently in force and the EU Single Rulebook (the new EU AML/CFT Regulation and Directive), referring also to the necessary amendment of the AML/CFT Act in these fields. The study especially focuses on key requirements of obliged entities, especially regarding the scope and the elements of the customer due diligence.
References
„News Article” of 24 April 2024 by the European Commission. [Online]. Available at: https://finance.ec.europa.eu/news/latest-update-anti-money-laundering-and-countering-financing-terrorism-legislative-package-2024-04-24_en (Accessed: 23 May 2023).
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