This article marks the second instalment of the DT4C Alliance's thought leadership series, providing a closer look at data access and data-sharing provisions of the EU’s new AML Package. It notably advocates for a more holistic view of data sharing—one that ensures every participant in the ecosystem is well-equipped to shed light on patterns of illicit activity.
As part of the new EU AML package, the EU AML Directive (AMLD6), has introduced significant reforms to the existing regulatory framework. While many of the new provisions had been anticipated, a behind-the-scenes battle over the past two years—between privacy and transparency—continues to take centre stage. This conflict, long simmering in the background, has been hard to ignore meaning criminals and those involved in the fight against financial crime have had to improvise.
To use a metaphor of a play, it seemed that both the cast and audience in this regulatory theatre were for a time largely in agreement with how the performance was being conducted and acted, but an unexpected twist occurred. The lighting director—in this case the European Court of Justice—decided in November 2022 to restrict access to Ultimate Beneficial Ownership (UBO) registers and in effect switch the stage lights off.
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The Data and Technology for Compliance (DT4C) Alliance represents the united voice of data and technology companies, operating as trusted service providers to banks, financial and non-financial institutions, dedicated to fighting corruption and money laundering. DT4C members play a crucial role in identifying, preventing and blocking fraudulent and criminal financial transactions.
Source: DT4C publications
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