European Commission warns eight countries on AML failures

The European Commission has issued legal warnings to eight EU countries which have failed to meet the new anti-money laundering (AML) laws.

Cyprus, Hungary, the Netherlands, Portugal, Romania, Slovakia, Slovenia and Spain have each received a warning messages for failing to meet compliance, according to a report from Reuters.

All 27 EU member states were given a January 10 deadline to implement the changes made in the fifth anti-money laundering (5AML) regulation. There are a number of new rules outlined in the legislation which improve protections around virtual cryptocurrencies, prepaid cards and more.

The eight countries issued warnings have still yet to issue the 5AML regulation into law, the article reports. If the countries do not take the advice of the warning notice, they could face fines.

Despite 5AML not even being fully implemented in all EU member states, the regulator has already released 6AML. The new regulation will come into effect in December 2020.

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