European Commission AML Legislative Package (6AMLD) – Outlook

The European Commission’s AML Package was published in the Official Journal of the European Union in June 2024 and is intended to strengthen the European Union’s (‘EU’) framework for anti-money laundering and countering the financing of terrorism (“AML/CFT”). The AML Package comprises the AML Regulation (“AMLR”), the sixth AML Directive (“6AMLD”), the AMLA Regulation (“AMLAR”) and the recast Funds Transfer Regulation (the “recast FTR”). The AMLR will be legally binding on obliged entities across the EU from July 2027 and the majority of the provisions within 6AMLD must be transposed into national law by the same date (a small number of 6AMLD’s provisions must be transposed within a shorter deadline).

A key element of the European Commission’s AML Package was the establishment of AMLA (Anti Money laundering Agency), which is an EU agency responsible for coordinating NCAs and FIUs to ensure the correct and consistent application of EU AML/CFT rules.  The AMLAR places AMLA at the centre of an integrated supervisory system made up of the Authority itself, NCAs and FIUs. AMLA is responsible for overseeing the implementation of the harmonised AML/CFT rules set out in the AMLR, thereby creating a level playing field and preventing regulatory arbitrage across both the financial and non-financial sectors.

Further information in relation to AMLA is available on the website https://www.amla.europa.eu/index_en

Ahead of the regulatory transposition, the AMLCU will update its website with the latest developments concerning its supervised obliged entities.

Obliged Entities (also known as ‘Designated Persons’) are advised to keep abreast of these developments and prepare their businesses for the requirements arising from these changes.