The European Payment Institutions Federation (EPIF) welcomes and encourages the private stakeholder consultation that is currently taking place concerning a review of the 3rd Anti-Money Laundering (AML) Directive.

Payment Institutions’ (PI) compliance with anti-money laundering and counter terrorist financing obligations is a prerequisite for their authorisation under the Payment Services Directive (PSD). The current anti-money laundering framework was, however, established prior to the opening of the payment institutions market and subsequently is arguably not catered to the needs of their various business models.