The Commission has received a study it commissioned from Deloitte on application of AML legislation throughout the EU. The detailed study found:

  • different definitions and interpretations across jurisdictions;
  • practical implementation difficulties in some areas, particularly because of lack of information on Politically Exposed Persons; and
  • concerns over the cost of compliance, particularly to smaller firms.

(Source: European Commission: DG Internal Market and Services – Budget: Final Study on the Application of the Anti-Money Laundering Directive)