In a position paper on Wednesday 22 October, Accountancy Europe, which represents accountants, auditors and qualified advisers, called on the European Anti-Money Laundering Authority (AMLA) and the European Commission to incorporate seven principles into the new regulatory technical standards in order to make them effective.
As these standards will play a central role in the development of compliance rules, Accountancy Europe believes that they must be appropriate, proportionate and applicable to all sectors and reporting entities. The latter, which are not part of the financial sector, do not generally handle their customers’ funds or large volumes of transactions, unlike banks.
The organisation therefore endorses seven principles: - prioritise and enable effective risk-based approaches; - apply the principle of proportionality; - avoid a one-size-fits-all approach; - provide tailored guidance for Designated Non-Financial Business and Professions; - ensure ongoing and structured sector engagement; - ensure adequate and clear transition arrangements for implementation; - give careful consideration to practical implications of key definitions.
Read the position: https://aeur.eu/f/j3e (Original version in French by Anne Damiani)