PLENITUDE INSIGHTS: The New EU AML/CTF Package

Almost 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.