The European Union (EU) has established a robust and comprehensive anti-money laundering (AML) framework to protect its financial system from illicit activities such as money laundering and terrorist financing.
An article co-authored by our firm’s Kyriaki Stinga, Senior Associate, and Dorina Mastora, Deputy Compliance Officer, provides an in-depth analysis of the EU’s AML measures, which are built on three key pillars: the Anti-Money Laundering Regulation (AMLR), the Anti-Money Laundering Authority (AMLA), and the Anti-Money Laundering Directive (AMLD). These pillars collectively ensure a standardised, risk-based approach to AML, emphasising customer due diligence, beneficial ownership transparency, and strict reporting obligations. The AMLA enhances regulatory oversight through direct supervision and coordination among national authorities, while the AMLD mandates comprehensive coverage across various sectors and fosters international cooperation. The article further highlights the strategic advantages of adhering to these regulations, highlighting their role in fostering a culture of integrity, enhancing trust, and ensuring sustainable growth. Additionally, the implications of AML regulations for the sports industry, particularly football, are examined, demonstrating the broad applicability and importance of these measures in maintaining financial transparency and accountability.
The full article can be found on Lexology and Mondaq.
For further information, please reach out to Kyriaki Stinga or Dorina Mastora.