Artikel: The (partial) intersection between sanctions and AML

In 2024, the European Union introduced a comprehensive anti-money laundering (AML) package aimed at harmonising AML legislation across Member States. This package establishes new obligations for obliged entities (i.e. entities covered by AML legislation) to manage and mitigate the risks associated with anti-money laundering, financing of terrorism and non-compliance with international sanctions. This package marks a significant step towards a unified approach to AML and sanctions compliance within the EU. In this regard, the package represents a partial intersection between AML and sanctions, with the AML framework now serving as a mechanism to monitor adherence to international sanctions. However, the intersection is partial and not without controversy. This article describes the obligations regarding international sanctions incorporated in the new AML package and analyses some of the main problems it raises. This is relevant for entities covered by AML regulations, which will have to adapt their policies and procedures to this new scenario.

Lees verder:

• The (partial) intersection between sanctions and AML door X. Codina & S. Fernández Tourné in Compliance, Ethics & Sustainability