AMLR/AMLD6

On 19 June 2024, the European Parliament and the Council published the new anti-money
laundering and countering the financing of terrorism (“AML/CFT”) package that consists of:

• Regulation (EU) 2024/1624 of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLR”);
• Directive (EU) 2024/1640 of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD6”); and
• Regulation (EU) 2024/1620 of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLAR”).

This AML/CFT package aims to improve the existing European AML/CFT legal framework by
providing clearer legislative measures and ensure more harmonisation.

Key changes

The AML/CFT package provides for:

• Extended scope of application;
• Clarification regarding the notion of beneficial ownership: Reinforcement of customer due diligence with the introduction of specific cases where enhanced due diligence must be performed;
• Enhanced rules regarding central registers of beneficial ownership;
• Creation of the Anti-Money Laundering Authority;
• Clarifications on administrative measures and sanctions.

Next steps

Both AMLR and AMLD6 entered into force on the twentieth day following their publication.
AMLR will apply from 10 July 2027 and Member States have three years to transpose AMLD6 in their
national legislation. AMLAR on its side entered into force on the seventh day following its
publication and shall apply from 1 July 2025.