Replaces its legal framework on anti-money laundering and terrorist financing
31 May 2024
On 31 May 2024, the European Union adopted Regulation 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AMLR), replacing the Anti-Money Laundering Directive (AMLD). The AMLR, directly applicable in all Member States, mandates foreign entities to register beneficial ownership information in Member States’ central registers before business transactions, with non-compliance potentially restricting operations in the European Union.
The Regulation expanded the scope of foreign entities, to include third-country legal entities, trustees, and new sectors like crypto-asset providers and high-value goods dealers. Additionally, the AMLR enforces a uniform €10,000 cash payment limit for large transactions, replacing variable thresholds under the AMLD. The AMLR obligations take effect on 10 July 2027.
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