The New Anti-Money Laundering Rules: What You Need to Know

• On 31 May 2024, the EU Legislature adopted Directive (EU) 2024/1640 (the Sixth Anti-Money Laundering Directive, AMLD6), Regulation (EU) 2024/1624 (the Anti-Money Laundering Regulation, AMLR), Regulation (EU) 2024/1620 (the AML Authority Regulation, AMLAR). Together with Regulation (EU) 2023/1113 (the Revised TOFR), adopted on 31 May 2023, these rules complete the adoption of the revised anti-money laundering and countering the financing of terrorism (AML/CFT) package.
• The AML/CFT package overhauls the regime under Directive (EU) 2015/849 (AMLD4). On the one hand, it significantly expands the regime with strengthened and new obligations across key areas such as beneficial ownership transparency, due diligence obligations and supervision. On the other hand, it further harmonises the regime through the use of Regulations, which directly apply in the Member States of the Union and the introduction of a new Europea supervisor, the AML Authority (AMLA). 
• The rules will enter into force on a staggered basis, starting with the TOFR next December and some delegated rules under the AMLD6 to apply in July 2029.

Background

We published a briefing in October 2021 on the package, setting out the policy background and an overview of the initial proposals, and a briefing on the TOFR in June 2023. This briefing focuses on the key changes introduced by the AMLD6, the AMLR and the AMLAR.