Joint Committee publishes report on the implementation of anti-money laundering and counter-terrorist financing require

The Joint Committee of the European Supervisory Authorities (EBA, ESMA and
EIOPA) has today published a report on the application of AML/CTF
obligations to, and the AML/CTF supervision of e-money issuers, agents and
distributors in Europe. The report:

• provides an overview of Member States' implementation of EU
anti-money laundering (AML) and counter-terrorist financing (CTF)
requirements in relation to the issuance, distribution and redemption of
electronic money;
• identifies areas where differences in the national implementation of
European legislation could affect the integrity of the AML/CTF regime; and
• recommends action by the European Commission to address inadequacies
in the legislation and its implementation during the current revisions of
the 2nd E-money Directive and 3rd Money Laundering Directive.

Differences in implementation

The report reveals that significant differences existed in the national
implementation of the 2nd E-Money Directive (2nd EMD) and in the
application of AML/CTF legislation to e-money issuers, their agents and
distributors.

These differences are caused by inadequate or ambiguous provisions in the
2nd EMD and 3rd Money Laundering Directive, including such issues as:

• the definition of the point in time where e-money is issued;
• the definition of e-money agents and distributors;
• the application of passporting rules and guidelines to e-money
entities; and
• the distribution of powers between home and host AML/CTF
supervisors.

The Report can be viewed under the following link:
https://eiopa.europa.eu/publications/reports/index.html (Link:
https://eiopa.europa.eu/publications/reports/index.html )


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