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By Optima Partners, a global regulatory compliance firm.
In brief
On 19 June 2024, the EU published a comprehensive package designed to strengthen its framework on Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The package includes two regulations and one directive:
• Regulation (EU) 2024/1624 (Anti-Money Laundering Regulation or AMLR),
• Regulation (EU) 2024/1620 (Anti-Money Laundering Authority Regulation or AMLA-R) and
• Directive (EU) 2024/1640 (the 6th Anti-Money Laundering Directive or AMLD 6).
This marks the first time that the EU's money laundering and terrorist financing rules are being established in the form of regulations, aiming to harmonise the approach taken across the EU and reduce divergence in national implementations of the earlier AML directives. AMLD 6 must be integrated into the national legislation of EU Member States by 10 July 2027, amending and repealing AMLD 4, as amended by AMLD 5.
AMLR will start to apply on 10 July 2027 and AMLA-R will start to apply as of 1 July 2025.
Summary
The AML package aims to enhance the EU financial system's ability to combat money laundering by introducing a standardised framework, reducing potential loopholes and addressing emerging challenges to current AML/CFT frameworks.
The AMLR implements a unified system and will act as a single rulebook for AML/...................... To view our full article Click here
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