Imogen Cronin
Plenitude Insights
Advisory and Transformation
AML/CTF/CPFAlmost three years to the day after first being tabled, the European Parliament passed a new AML/CTF rule package on 24 April, with the final legal acts published in the Official Journal of the EU on 19 June.
Aimed at strengthening the AML/CTF systems and promoting a harmonised approach to tackling financial crime across the EU, the package is comprised of:
- Regulation (EU) 2024/1624 on preventing the use of the financial system for the purposes of money laundering or terrorist financing [AMLR]
- Directive (EU) 2024/1640 on the mechanisms to be implemented by Member States to prevent the use of the financial system for the purposes of money laundering or terrorist financing [6MLD]
- Regulation (EU) 2024/1620 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism [AMLA]
This article provides key details on the new legal acts affecting EU-regulated firms and the impact assessments or operational changes which may be required. Firms can begin preparing for the phased implementation of these regulations.
Conclusion
Entities including financial and credit institutions, CASPs, high-value goods dealers, and now professional football clubs and agents can already begin to prepare for new and amended forthcoming requirements. Internal policies, procedures, and controls will require review and revision to reflect the new rules and regulations. The driving ambition of the package of instruments is to implement a common, harmonised approach to AML/CTF across the EU and the financial and non-financial sectors operating within and across them, to reflect ever-emerging risks. Authorities will look to ensure this harmonised approach is reflected at firm-level. Once each legal instrument is applied, it will be important for obliged entities to ensure that they are operating in line with the most recent legal developments. Firms should continue to be aware of the EU’s supranational position on AML/CTF rules and how EU regulations will be transposed into law by individual member states.
