ETAF joined Accountancy Europe, the CCBE and CFE Tax Advisers Europe in signing a joint statement, on behalf of European tax advisers, accountants, auditors and lawyers, outlining six key priorities for effective EU AML implementation.
The associations are concerned that AMLA’s draft RTS focus on a compliance paper trail rather than effective, risk-based AML controls.
The statement puts forward six priorities to make the rules work in practice:
- More data does not mean better AML
- Do not regulate smaller firms out of the market
- Do not treat non-financial professions as if they were banks
- Ensure operational feasibility, including in the RTS on risk assessment of non-financial professions
- Preserve and harness the potential of professional judgement
- A better approach to implementation
The associations urge the European Commission and AMLA to take a step back, review whether the draft RTS truly improve AML effectiveness and make changes as needed.
