Endnotes
1 European Commission, “Beating financial crime: Commission overhauls anti-money laundering and countering the financing of terrorism rules,” Press Release, July 20, 2021, https://ec.europa.eu/commission/presscorner/detail/en/ip_21_3690.
2 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010 (“AMLA Regulation”), http://ec.europa.eu/finance/docs/law/210720-proposal-aml-cft-authority_en.pdf.
3 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“Rulebook Regulation”), https://ec.europa.eu/finance/docs/law/210720-proposal-aml-cft_en.pdf.
4 Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849 (“AMLD6”), https://ec.europa.eu/finance/docs/law/210720-proposal-amld6_en.pdf.
5 Steve Kroft, “How the Danske Bank money-laundering scheme involving $230 billion unraveled,” 60 Minutes, May 19, 2019, https://www.cbsnews.com/news/how-the-danske-bank-money-laundering-scheme-involving-230-billion-unraveled-60-minutes-2019-05-19/.
6 Financial Crimes Enforcement Network, “FinCEN Names ABLV Bank of Latvia an Institution of Primary Money Laundering Concern and Proposes Section 311 Special Measure,” February 13, 2018, https://www.fincen.gov/news/news-releases/fincen-names-ablv-bank-latvia-institution-primary-money-laundering-concern-and.
7 K2 Integrity, “National Defense Authorization Act (NDAA) 2021: Landmark AML Reforms Pass Congress,” December 18, 2020, https://www.k2integrity.com/en/knowledge/policy-alerts/national-defense-authorization-act-ndaa-2021-landmark-aml-reforms-pass-congress.
8 Rulebook Regulation, Article 52(1).
9 DIRECTIVE (EU) 2015/849 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (“AMLD4”), Article 32(7).
10 Rulebook Regulation, Article 52(2).
11 Rulebook Regulation, Article 50(1).
12 Rulebook Regulation, Article 50(2).
13 Rulebook Regulation, Articles 23-25 and Paragraph 51.
14 Rulebook Regulation, Articles 24 and 28.
15 See, e.g., FATF, “Jurisdictions under Increased Monitoring - June 2021,” which states that “the FATF does not call for the application of enhanced due diligence measures to be applied to these jurisdictions” but encourages jurisdictions to take into account the information FATF presents on deficiencies in national AML/CFT regimes. https://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents/increased-monitoring-june-2021.html.
16 See, e.g., FinCEN Advisory FIN-2021-A003, “Advisory on the Financial Action Task Force-Identified Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies,” March 11, 2021, https://www.fincen.gov/sites/default/files/advisory/2021-03-11/FATF%20February%202021%20Advisory%20FINAL%20508.pdf.
17 Rulebook Regulations, Article 38(4).
18 Rulebook Regulation, Article 40(1).
19 See, for example, recent proposed joint guidance on third-party relationships issued for comment by the federal functional financial regulators: Proposed Interagency Guidance on Third-Party Relationships: Risk Management, July 13, 2021, https://www.fdic.gov/news/press-releases/2021/pr21061a.pdf.
20 Rulebook Regulation, Article 9(1).
21 Rulebook Regulation, Article 9(3).
22 Rulebook Regulation, Article 3(h).
23 Rulebook Regulation, Article 3(l).
24 AMLD6, Article 38.
25 AMLA Regulation, Article 31.
26 AMLA Regulation, Article 32.
27 AMLA Regulation, Articles 38 and 43.
28 Rulebook regulation, Article 50(3).
29 Rulebook Regulation, Articles 23-25.
30 Rulebook Regulation, Article 43(3).
31 Rulebook Regulation, Article 33.
32 Rulebook Regulation, Article 13(2).
33 Rulebook Regulation, Article 48(1)(a).
34 AMLD6, Article 10(1).
35 AMLD6, Article 10(2).
36 AMLD6, Article 10(7).
37 AMLD 6, Article 11(1).
38 Rulebook Regulation, Paragraph 6 and Article 3(g).
39 Rulebook Regulation, Article 58(1).-
40 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on information accompanying transfers of funds and certain crypto-assets, https://ec.europa.eu/finance/docs/law/210720-proposal-funds-transfers_en.pdf.
41 Rulebook Regulation, Article 40(2).
42 Rulebook Regulation, Article 41.
43 Rulebook Regulation, Article 59(1).
44 Rulebook Regulation, Article 59(2).
45 AMLA Regulation, Article 12.
46 AMLA Regulation, Article 13.
47 AMLA Regulation, Articles 17 and 18.
48 AMLA Regulation, Article 20(2).
49 AMLA Regulation, Article 21.
50 AMLA Regulation, Article 22.
51 AMLA Regulation, Article 30.