- Organized crime groups are expanding their operations into the Americas and European markets.
- Kaja Kallas and the European Commission proposed a new EU policy aimed at combating organized crime.
European Commission Must Adopt New Anti-Money Laundering Standards
What happened
The draft standards, prepared by the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, state that the EUDI wallet provides high assurance and should be used wherever possible. While remote verification methods like video calls are permitted, they must be justified by banks to their supervisors. These standards are not yet law and require adoption by the European Commission before they take effect, which is scheduled for July 10, 2027.
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Why it matters
The draft mandates that firms using alternative verification tools must keep detailed records, including images and videos, for later review, increasing potential work and liability. The European Commission has also published a specification defining how the wallet performs authentication for financial services.
A new EU policy has been proposed to combat organized crime, which is expanding its operations into the Americas and European markets.
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Who's involved
- European CommissionMust adopt the new anti-money laundering standards.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- European Central BankSpeculative
Could face increased compliance costs and operational requirements for banks it oversees due to the new AML standards.
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The entities involved
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European Commission
executive branch of the European Union
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