Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 85

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 85
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 and establishes obligations in respect of preventing money laundering and terrorist financing, including applicable due diligence, internal controls and reporting obligations to obliged entities. Credit institutions, including BBVA, are part of the entities that are subject to such regulation.
On July 20, 2021, the European Commission presented an ambitious package of legislative proposals to strengthen EU rules against money laundering and terrorist financing. This legislative package consisted of four texts: (i) a regulation governing the creation of an EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (the “AMLA Regulation”); (ii) a new regulation on the prevention of money laundering and terrorist financing (“AML/CFT” and the “AML/CFT Regulation”, respectively); (iii) the 6th directive on the prevention of money laundering and terrorist financing (the “6th AML/CFT Directive”); and (iv) the revision of a 2015 regulation on transfers of funds related to tracing transfers of certain crypto-assets (the “Travel Rule Regulation”).
The Travel Rule Regulation was adopted in May 2023. The remaining proposals were approved by the Parliament on April 24, 2024 and by the Council on April 30, 2024 (with publication in the Official Journal of the European Union on June 19, 2024). 
The new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) will have direct and indirect supervisory powers over high-risk obliged entities in the financial sector and will establish an integrated mechanism with national supervisors to ensure that obliged entities comply with AML/CFT-related obligations. The AMLA Regulation will apply from July 1, 2025.
The AML/CFT Regulation harmonizes anti-money laundering rules across the EU and extends anti-money laundering rules to new obliged entities. The AML/CFT Regulation also establishes stricter due diligence requirements and regulates beneficial ownership. It will apply from July 10, 2027.
The 6th AML/CFT Directive sets out clear rules on how Financial Intelligence Units (“FIUs”) and supervisors work together, requires EU Member States to provide information from centralized bank account registers through a single access point and includes harmonization of the format of bank statements. The deadline for transposition is July 10, 2027.
Finally, the Travel Rule Regulation, which regulates measures to detect and manage transfers of funds or crypto-assets, began to apply on December 30, 2024.
Data Protection Regulation
Regulation (EU