After more than two years of negotiations, the AML package was adopted by the European Parliament on 24 April 2024. The AML package consists of three legislative instruments : the sixth Anti-Money Laundering Directive (“AMLD 6”), the EU Single Rulebook Regulation (“AMLR”), and the Anti-Money Laundering Authority Regulation (“AMLAR”).
Among the measures adopted by the Members of the European Parliament, the following key points are noteworthy:
- Provides access to beneficial ownership information and empowers Financial Intelligence Units (“FIUs”) to analyse and detect money laundering and terrorist financing cases, as well as to suspend suspicious transactions;
- Extends the entities subject to the AML framework to include football clubs involved in transactions. These clubs will be obliged to verify their customers’ identities, monitor transactions, and report any suspicious transactions to FIUs;
- Enhances vigilance towards ultra-rich individuals, i.e., persons with a total wealth value of at least 50,000,000 euros, excluding their main residence;
- Establishes a new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (“AMLA”) in Frankfurt. This authority is tasked with directly supervising the riskiest financial entities, intervening in cases of supervisory failures, and acting as a central hub and mediator for supervisors."
Once the AML package receives formal approval from the Council and is published in the Official Journal of the European Union, the CSSF will offer further insights into the modifications of the AML package. It's likely that the Luxembourg Parliament, within the next months, will put forward a law proposal that could significantly affect the existing legislation, thereby reinforcing the current AML framework.
For further information don’t hesitate to reach out to our Banking, Capital Markets and Regulatory team.
