The new AML/CFT package approved by EU lawmakers in 2024 aims to enhance the fight against financial crime. This updated package introduces a single rulebook for the entire EU and establishes the Anti-Money Laundering Authority (AMLA) in Frankfurt, which is expected to begin operations by July 2025.
Key points:
- AMLA’s role: The authority will supervise and coordinate national authorities, with the ability to directly oversee specific entities and impose fines.
- Entity obligations: Stricter regulations regarding customer checks, internal policies, and reporting requirements will be implemented.
- Penalties: Non-compliant financial institutions could face heavy fines, potentially amounting to up to 10% of their annual turnover.
Get all the details—download the full factsheet here.