EU AML/CFT Reform Package

The IBFed welcomes the opportunity to comment upon the European Commission’s AML/CFT reform package and wishes to support an effective trilogue conclusion on this important portfolio. IBFed supports the Commission’s ambition to harmonise national AML/CFT measures through EU-level legislation, guidance, and supervision. International regulatory fragmentation has complicated the work of regulators, law enforcement and multinational banking.

The IBFed welcomes the opportunity to comment upon the European Commission’s AML/CFT reform package and wishes to support an effective trilogue conclusion on this important portfolio. IBFed supports the Commission’s ambition to harmonise national AML/CFT measures through EU-level legislation, guidance, and supervision. International regulatory fragmentation has complicated the work of regulators, law enforcement and multinational banking. Against this background, we would like to reiterate our strong support for international harmonisation of the ownership threshold for beneficial ownership reporting.