Maud Bökkerink’s Post

Shocking insight: AML regulations increase costs and complexity. 🤯 So, the next time your regulator criticizes the lack of progress in your AML remediation project, just tell them you have "de-prioritized" items "considered non-essential" because "the large number of measures to be adopted is a concern for stakeholders" and, therefore, these will not be completed before October 2027. 🤷♂️ I'm sure it will be fine. 😏 Thanks, Maud Bökkerink, for flagging and for the summary! 👍

Steve Drescher, Tassilo A. - Interesting that the EC only postponed measures that give additional complexity and compliance costs to public actors and regulators. Non of the RTS, etc. that are expected to add significant effort and costs to private actors have been postponed. Let's see what happens next. The timeline for AMLA conformance in July 2027 is very ambitious both for the private sector but for AMLA as well. Less than 2 years to go and chiefs of section are now being hired. Lets see how effective AMLA will be on July 10 - I am sure the expectation for private actors will be 100% compliance on day one.

Interesting news. The European Commission has worked on assessing the overall picture of Level 2 acts in the pipeline and decided for a pragmatical approach. I.e. postponing "non core" Level 2 acts. From an AML Package standpoint not a huge impact but definitely worth a read. https://lnkd.in/dRGNnKxs

The European Commission has published a package of more than 100 ‘de-prioritised’ Level 2 regulatory measures in the financial services space as part of a simplification drive. The move reflects concerns amongst European Commission leadership over the growing volume of new AML and financial regulations and aims to ease pressure on the EU’s regulation implementation pipeline.

Europe, Malta Financial Services Authority: MFSA Implements New Beneficial Ownership Reporting Rules for Private Trustees in Malta The Malta Financial Services Authority (MFSA) has announced the implementation of the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2025, as part of Malta's adherence to the European Union's Anti-Money Laundering Directive 6 (AMLD6) and the broader EU AML/CFT Package. These amendments extend beneficial ownership reporting obligations to include private trustees, marking the first time such trustees are required to submit beneficial ownership information for the trusts they manage. All express trusts administered by trustees established or resident in Malta must comply with these new requirements by 11 January 2026. Beneficial ownership declarations must be submitted via the TUBOR Online Portal, with updates required within 14 days of any changes and annual declarations mandatory. Non-compliance may result in enforcement actions by the MFSA. Petra Camilleri, Head of Trustees Supervision at the MFSA, emphasized the importance of transparency and compliance with international anti-money laundering standards. The MFSA has provided resources, including a circular, explanatory videos, and FAQs, to assist trustees in navigating the registration and reporting process. Source: https://lnkd.in/eNcQy8M3

Australia’s Tranche 2 AML/CTF reforms take effect from July 2026, extending obligations to law firms, real estate agents, accountants, trust and company service providers and precious metals/stones dealers. We’ve outlined the key dates, core obligations, and steps organisations should take now to prepare. Read the full checklist: https://lnkd.in/e97-Fm53

⚠️ Big changes are coming to Financial Services From 31 March 2026, expanded AML/CTF rules take effect — but AUSTRAC isn’t waiting until then. The regulator has been clear: reporting entities must show measurable progress well before the deadline, and AUSTRAC will be checking in. With expanded due diligence, mandatory payee data, independent program reviews, and broader enforcement powers, these reforms demand more than a last-minute scramble. Early action isn’t just best practice — it’s an explicit expectation. Now is the time to update policies, strengthen systems, and demonstrate readiness. 💡 IQ Group can help you prepare with confidence. 👉 Read our latest blog on what’s changing and why acting now matters: https://lnkd.in/gDPGcDnx

🕵️♂️ In the 1800s, accountants were primarily bookkeepers- but after multiple scandals in the 1800s, public trust in financial reporting crumbled. That's when formal regulation began to emerge, including the roots of today’s AML checks. Regulation may be frustrating, but it’s built on centuries of trust-building 🏛️ #AML #AccountingStandards #Compliance

News that accounting firm DMCL in British Columbia was fined for non-compliance by Fintrac, the federal financial intelligence unit, has highlighted evolving and costly compliance risks for Canadian accountants, especially for AML/ATL regulations: https://lnkd.in/gVpNDw_Y

Finance professionals are expected to: Understand laws and regulations: Stay updated on financial, tax, and reporting standards (e.g., IFRS, GAAP). Maintain ethical standards: Avoid conflicts of interest, insider trading, and misuse of client information. Implement internal controls: Ensure audits, documentation, and approval processes are robust. Perform due diligence: Verify client identities and transaction legitimacy (KYC & AML). Report suspicious activities: Promptly notify compliance departments or regulators if something seems wrong. Protect data: Safeguard confidential financial and personal information. #Compliance #DueDiligence #Ethics