Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing

This directive aims to prevent the use of the financial system for the purpose of money laundering and terrorist financing and overrides Directive 91/308/EEC. It applies to financial and credit institutions, as well as to certain legal and natural persons working in the financial sector, including providers of goods (when payments are made in cash in excess of 15 000 EUR). These entities and persons have to apply customer due diligence (CDD), taking into account the risk of money laundering and terrorist financing. National financial intelligence units (FIU) are set up to deal with suspicious transaction reports.