EU AML Regulation AMLR
European Union
2024
AML/CFT
Overview
The EU Anti-Money Laundering Regulation (AMLR) was adopted in 2023 as part of the EU’s AML/CFT legislative package. Unlike previous directives, AMLR is a directly applicable regulation across all member states, creating a single rulebook for AML compliance. It aims to strengthen and harmonize rules related to customer due diligence, beneficial ownership, recordkeeping, and risk-based supervision.The regulation expands obligations for financial institutions, crypto-asset service providers (CASPs), real estate firms, accountants, and legal professionals, and increases transparency on beneficial ownership. It also introduces clearer rules for politically exposed persons (PEPs) and enhanced due diligence in high-risk scenarios. AMLR is expected to apply from 2027, following a transition period.
Key Obligations
- Enforce uniform customer due diligence (CDD) and know-your-customer (KYC) measures across the EU
- Mandate real-time verification of beneficial ownership information and public access to registers
- Extend AML obligations to crypto-asset service providers (CASPs) and crowdfunding platforms
- Require risk assessments at entity and sector level with mitigation controls
- Introduce standardized procedures for dealing with PEPs and high-risk third countries
- Require reporting of suspicious transactions and maintaining records for at least five years
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