The EU money laundering package (“AML package”) was published in the Official Journal of the EU on 19 June 2024. All regulations of the ambitious legislative package have now entered into force. Member States and obliged entities now have three years to prepare for the new regulations.
The legislative package is far more than a new version and extension of the 4th and 5th Anti-Money Laundering Directives. It represents a paradigm shift in the fight against money laundering and terrorist financing. With the new regulations, the provisions for anti-money laundering and countering terrorist financing will be comprehensively harmonised and fundamentally reorganised throughout the EU for the first time.
For obliged entities in the financial sector in particular, the implementation effort associated with the AML package is likely to go well beyond that of the 4th Anti-Money Laundering Directive and will keep institutions very busy beyond the three-year implementation period.
The particular challenge and necessity for you is to identify the need for adjustments to existing processes now on the basis of the known new regulations to ensure timely implementation of the AML package within the three-year implementation period.
At the same time, a sufficiently flexible implementation process must be defined on the basis of this initial impact analysis, which allows further adjustments to be made on an ongoing basis due to outstanding national implementation laws and more specific regulatory requirements.
Our brochure provides an overview of the new regulations in the AML package as well as tips for efficient and legally compliant implementation in the financial sector.
