Council of the European Union and European Parliament 26 October 2005, Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (Text with EEA relevance)

Also known as

Directive 2005/60/EC aims to prevent the financial system's use for money laundering and terrorist financing, establishing a framework for Member States to implement effective measures. Key provisions include enhanced customer due diligence, identification of beneficial owners, and obligations for financial institutions to report suspicious transactions to financial intelligence units (FIUs). The Directive emphasizes international cooperation and compliance with global standards, while allowing Member States to adopt stricter measures as necessary.AI