In the next five years, professional football clubs
engaging in high-value financial transactions will need to verify the identity
of their customers. This is according to new legislation approved by the EU
Parliament, including a cap on cash payments to combat money laundering
The new package of regulations marks a pivotal moment
in the EU’s efforts to enhance transparency and security in its financial
systems, with far-reaching implications for various stakeholders.
One of the key provisions of the new legislation is
the expansion of access to beneficial owner information. Under these rules, a
wide range of entities, including journalists, civil society organizations, and
competent authorities, will have direct and free access to beneficial owner
information stored in Member States’ databases.
Additionally, the regulations introduce enhanced due
diligence measures for various entities, such as banks, asset managers, and
real estate agents. Such entities will be required to conduct customer identity
checks and report any suspicious activities.
Limits on Cash Payments
To further curb money laundering activities, the EU
has imposed a cap on cash payments, setting the limit at EUR 10,000. This
restriction applies to commercial and private transactions, with certain
exemptions for transactions between private individuals unrelated to
professional activities.
A significant development under the new regulations is
the establishment of the Anti-Money Laundering and Terrorist Financing
Authority (AMLA) in Frankfurt. This agency will supervise compliance with anti-money laundering rules, particularly for financial
institutions. AMLA will serve as a central authority for supervisory bodies
in the EU and will monitor the implementation of financial
sanctions.
In the next five years, professional football clubs
engaging in high-value financial transactions will need to verify the identity
of their customers. This is according to new legislation approved by the EU
Parliament, including a cap on cash payments to combat money laundering
The new package of regulations marks a pivotal moment
in the EU’s efforts to enhance transparency and security in its financial
systems, with far-reaching implications for various stakeholders.
One of the key provisions of the new legislation is
the expansion of access to beneficial owner information. Under these rules, a
wide range of entities, including journalists, civil society organizations, and
competent authorities, will have direct and free access to beneficial owner
information stored in Member States’ databases.
Additionally, the regulations introduce enhanced due
diligence measures for various entities, such as banks, asset managers, and
real estate agents. Such entities will be required to conduct customer identity
checks and report any suspicious activities.
Limits on Cash Payments
To further curb money laundering activities, the EU
has imposed a cap on cash payments, setting the limit at EUR 10,000. This
restriction applies to commercial and private transactions, with certain
exemptions for transactions between private individuals unrelated to
professional activities.
A significant development under the new regulations is
the establishment of the Anti-Money Laundering and Terrorist Financing
Authority (AMLA) in Frankfurt. This agency will supervise compliance with anti-money laundering rules, particularly for financial
institutions. AMLA will serve as a central authority for supervisory bodies
in the EU and will monitor the implementation of financial
sanctions.
