World Finance Informs

The European Union’s new anti money laundering framework is placing greater emphasis on how financial groups organise and apply compliance controls across different entities and jurisdictions. Rather than relying on separate approaches at subsidiary level, the framework establishes stronger expectations for common policies, risk assessment procedures, information sharing and compliance oversight across the wider organisation. This is making AML compliance frameworks increasingly important to the way financial groups manage regulatory risk. Under the new framework, parent undertakings are expected to establish group-level policies, procedures and controls covering money laundering and terrorist financing risks. Branches and subsidiaries must then implement those...