Bitcoin Forum
November 17, 2017, 11:40:46 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: New proposed EU AML standards  (Read 961 times)
Mike Hearn
Legendary
*
Offline Offline

Activity: 1526


View Profile
February 05, 2013, 04:35:47 PM
 #1

It's that time again .... AML laws getting tougher (in the EU). These haven't been passed into law yet, but I doubt there'll be much pushback from the EU Parliament.

http://ec.europa.eu/internal_market/company/financial-crime/index_en.htm#news

The main changes are:

  • Halving the reporting threshold from 15k EUR to 7.5k EUR
  • Regulating all gambling instead of just casinos.
  • The concept of "politically exposed person" now includes same-country PEPs as well as foreign PEPs.
  • Inclusion of tax crimes

and about a million little tweaks of minor consequence.

The biggest pain for ordinary people will be the drop in the reporting threshold, and the expansion of the PEP system. For those who haven't encountered it yet, a PEP is somebody who is thought to be at higher risk of corruption, like judges, politicians, senior police officers, their relatives, etc. I say "etc" because the definition is absurdly vague with the result that millions of people can be considered PEPs. Upon opening an account for such a person you are supposed to do "enhanced due diligence", but the definition of that is also vague. The blacklists aren't built by the government, but instead by private sector firms that compete on how many people they blacklist so good luck getting yourself unlisted if someone decides you are a corruption risk.

The press releases and contents of the linked documents are exactly what you'd expect if you've spent any time reading the output of regulators. If you want a laugh try reading the section where they try to quantify the amount of laundering and the amount that actually gets caught (and the cost of terrorist operations).
1510962046
Hero Member
*
Offline Offline

Posts: 1510962046

View Profile Personal Message (Offline)

Ignore
1510962046
Reply with quote  #2

1510962046
Report to moderator
A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1510962046
Hero Member
*
Offline Offline

Posts: 1510962046

View Profile Personal Message (Offline)

Ignore
1510962046
Reply with quote  #2

1510962046
Report to moderator
The Fool
Jr. Member
*
Offline Offline

Activity: 56


View Profile
February 05, 2013, 05:16:45 PM
 #2

The blacklists aren't built by the government, but instead by private sector firms that compete on how many people they blacklist so good luck getting yourself unlisted if someone decides you are a corruption risk.

This is all too convenient for elites who want to engage in corruption. All you have to do is have connections with the firms and have the lists made to your will. Anti-corruption? More like corruption by endorsement only.
HowGudAmI
Sr. Member
****
Offline Offline

Activity: 294


BTC --> ??? --> PROFIT


View Profile
February 06, 2013, 10:18:31 AM
 #3


  • Halving the reporting threshold from 15k EUR to 7.5k EUR


This one Is quite the drop, and will cause hassle to a lot of people that are earning a pretty small amount of money!

Also, how would this affect the UK (seen as we use GBP), if at all?

Smiley
Mike Hearn
Legendary
*
Offline Offline

Activity: 1526


View Profile
February 06, 2013, 10:43:12 AM
 #4

The new rules aren't finalized yet. One they are they'll be implemented throughout the EEA, so it'll be the case in the UK too. I'm presume the UK would also just halve its current thresholds.

All this stuff basically just ripples out from the FATF with regulators in different countries competing on how aggressively they can implement AML principles in their own laws.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!