A package of new anti-money laundering (AML) and counter-terrorist financing (CTF) rules is currently undergoing the EU legislative process. According to the latest information on the European Parliament's website, dated April 2024; the Parliament has approved the long-debated package, which is awaiting adoption by the EU Council and publication in the Official Journal of the EU. What will the new rules cover?

The so-called "package" includes several key components:

  • The Sixth Anti-Money Laundering Directive
  • Single Rulebook
  • The Anti-Money Laundering Authority Regulation (AMLA)

The main aim of the new regulation is to unify the fight against money laundering and terrorist financing across the EU, so that the vague legislation in one Member State cannot be used to circumvent the rules. This has happened several times in the past.


New central supervisory authority

The Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA), the new central supervisory authority, will be based in Frankfurt am Main and will have the following tasks:

  • direct supervision of the most risky financial firms
  • intervene in the event of a supervisory failure
  • serve as a central point of contact for supervisors and an intermediary for supervisors
  • supervise the enforcement of targeted financial sanctions


Greater transparency

So-called "persons with a legitimate interest", such as public authorities, journalists, and certain organisations, will have immediate, direct and full access to information on beneficial owners held in national registers. These registers should be interconnected at EU level, and not only current data but also data going back five years should be available.


Greater powers for FIUs

Financial Intelligence Units (FIUs), the individual reporting agencies, will be given greater powers. In addition, they will be able to stop suspicious transactions.


Obligations for new entities

Not only will the classic obliged entities (such as banks and other financial institutions or real estate agents) be subject to stricter rules on how to monitor their clients/customers, but others will also have to report suspicious activities to the FIUs. Perhaps most significantly, these rules will affect football clubs and agents. Fortunately, they have time to prepare, as the regulation will not apply to them until 2029.


Other rules

The EU-wide limit for cash payments will be €10,000.

Controls on high net worth individuals will be tightened.

Measures will be introduced to ensure compliance with targeted financial sanctions and anti-circumvention measures.