# Regulation (EU) 2024/1624 (AMLR) — prevention of the use of the financial system for money laundering or terrorist financing URL: https://consilena.com/coverage/laws/ksrc_ajy7twf5jyvd9yf8 - Jurisdiction: European Union - Type: Regulation - Identifier: 32024R1624 - Current as of: 19 June 2024 - Provisions: 90 - Official text: https://eur-lex.europa.eu/eli/reg/2024/1624/oj > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **Guidelines on money laundering and terrorist financing risks, trends and methods**: 1. By 10 July 2027, AMLA shall issue guidelines defining the money laundering… - **Identification of the purpose and intended nature of a business relationship or occasional transaction**: Before entering into a business relationship or… - **Group-wide requirements**: 1. A parent undertaking shall ensure that the requirements on internal procedures, risk assessment and staff referred to in Section 1… - **Identification of beneficial owners for legal entities similar to express trust**: 1. In the case of legal entities other than those referred to in Article 51… - **Exchange of information in the framework of partnerships for information sharing**: 1. Members of partnerships for information sharing may share information among… - **Specifications for the life and other investment-related insurance sector**: For life or other investment-related insurance business, in addition to the customer… - **Scope of internal policies, procedures and controls**: 1. Obliged entities shall have in place internal policies, procedures and controls in order to ensure… - **Identification of third countries with significant strategic deficiencies in their national AML/CFT regimes**: 1. Third countries with significant strategic… - **Specific provisions regarding applicants for residence by investment schemes**: In addition to the customer due diligence measures laid down in Article 20, with… - **Inability to comply with the requirement to apply customer due diligence measures**: 1. Where an obliged entity is unable to comply with the requirement to apply… - **Identification of beneficial owners for legal entities**: Beneficial owners of legal entities shall be the natural persons who: (a) have, directly or indirectly… - **Entry into force and application**: This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the… - **Definitions**: 1. For the purposes of this Regulation, the following definitions apply: (1) ‘money laundering’ means the conduct set out in Article 3, paragraphs… - **Obligations of legal entities**: 1. All legal entities created in the Union shall obtain and hold adequate, accurate and up-to-date beneficial ownership… - **Specific provisions regarding politically exposed persons**: 1. In addition to the customer due diligence measures laid down in Article 20, obliged entities shall… - **Process of reliance on another obliged entity**: 1. Obliged entities shall obtain from the obliged entity relied upon all the necessary information concerning the… - **Requests for information to the EPPO**: 1. The EPPO shall respond without undue delay to reasoned requests for information by an FIU where that information is… - **Requests for information to OLAF**: 1. OLAF shall respond in a timely manner to reasoned requests for information by an FIU where that information is necessary… - **Refraining from carrying out transactions**: 1. Obliged entities shall refrain from carrying out transactions which they know or suspect to be related to proceeds… - **Awareness of requirements**: Obliged entities shall take measures to ensure that their employees or persons in comparable positions whose function so requires… - **Specific measures for individual third-country respondent institutions**: 1. Credit institutions and financial institutions shall apply the measures laid down in… - **Cooperation between FIUs and the EPPO**: — Article 81 — Cooperation between FIUs and the EPPO 1. Pursuant to Article 24 of Regulation (EU) 2017/1939, each FIU shall without undue delay report to the… - **Temporary measures for customers subject to UN financial sanctions**: 1. In respect of customers that are subject to UN financial sanctions or that are controlled… - **Trustee obligations**: 1. In the case of any legal arrangement administered in a Member State or whose trustee or the person holding an equivalent position in a… - **Integrity of employees**: 1. Any employee, or person in a comparable position, including agents and distributors, directly participating in the obliged entity’s… - **Identification of beneficial owners of collective investment undertakings**: By way of derogation from Article 51, first paragraph and Article 58(1), the… - **Committee procedure**: 1. The Commission shall be assisted by the Committee on the Prevention of Money Laundering and Terrorist Financing established by Article… - **Identification of objects of a power and default takers in discretionary trusts**: In the case of discretionary trusts, where beneficiaries have yet to be… - **Specific enhanced due diligence measures for cross-border correspondent relationships**: With respect to cross-border correspondent relationships, including… - **Coexistence of ownership interest and control in the ownership structure**: Where corporate entities are owned through a multi-layered ownership structure, and in… - **Identification of beneficial owners for express trusts and similar legal arrangements**: 1. The beneficial owners of express trusts shall be all the following… - **Threshold-based reports of transactions in certain high-value goods**: 1. Persons trading in high-value goods shall report to the FIU all transactions involving… - **Family members and persons known to be close associates of politically exposed persons**: The measures referred to in Articles 42, 44 and 45 shall also apply to… - **Subject matter**: and definitions — Article 1 — Subject matter This Regulation lays down rules concerning: (a) the measures to be applied by obliged entities to prevent money… - **Exercise of the delegation**: 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The… - **Processing of personal data**: 1. To the extent that it is strictly necessary for the purposes of preventing money laundering and terrorist financing, obliged… - **General provisions relating to reliance on other obliged entities**: 1. Obliged entities may rely on other obliged entities, whether located in a Member State or… - **Business-wide risk assessment**: 1. Obliged entities shall take appropriate measures, proportionate to the nature of their business, including its risks and… - **Cooperation between FIUs and OLAF**: — Article 83 — Cooperation between FIUs and OLAF 1. Pursuant to Article 8(3) of Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the… - **Relation to Directive (EU) 2015/849**: References to Directive (EU) 2015/849 shall be construed as references to this Regulation and to Directive (EU) 2024/1640… - **Exemptions for certain providers of gambling services**: 1. Member States may decide to exempt, in full or in part, providers of gambling services from the… - **Outsourcing**: — Article 18 — Outsourcing 1. Obliged entities may outsource tasks resulting from this Regulation to service providers. The obliged entity shall notify the… - **Beneficial ownership information**: 1. Legal entities and trustees of express trusts or persons holding equivalent positions in similar legal arrangements shall… - **Record retention**: 1. Obliged entities shall retain the following documents and information: (a) a copy of the documents and information obtained in the… - **Disclosure to FIU**: Disclosure of information to the FIU in good faith by an obliged entity or by an employee or director of such an obliged entity in accordance… - **Measures for persons who cease to be politically exposed persons**: 1. Where a politically exposed person is no longer entrusted with a prominent public function… - **Application of customer due diligence measures**: 1. Obliged entities shall apply customer due diligence measures in any of the following circumstances: (a) when… - **Politically exposed persons who are beneficiaries of insurance policies**: Obliged entities shall take reasonable measures to determine whether the beneficiaries… - **Notification of cross-border operations and application of national law**: 1. Obliged entities wishing to carry out activities within the territory of another… - **Foreign legal entities and foreign legal arrangements**: 1. Legal entities created outside the Union and trustees of express trusts or persons holding an… - **Limits to large cash payments in exchange for goods or services**: 1. Persons trading in goods or providing services may accept or make a payment in cash only up… - **Reports**: By 10 July 2030, the Commission shall submit reports to the European Parliament and to the Council assessing the necessity and proportionality of: (a)… - **Reporting of breaches and protection of reporting persons**: 1. Directive (EU) 2019/1937 of the European Parliament and of the Council (41) shall apply to the… - **Prohibition of disclosure**: 1. Obliged entities and their directors, employees, or persons in comparable positions, including agents and distributors, shall not… - **Ownership structures involving legal arrangements or similar legal entities**: Where legal entities referred to in Article 57 or legal arrangements have an… - **Exemptions for certain professional football clubs**: 1. Member States may decide to exempt, in full or in part, professional football clubs that participate in… - **Penalties**: 1. Member States shall lay down rules on the penalties applicable to breaches of the provisions of this Chapter and shall take all measures necessary… - **Anonymous accounts and bearer shares and bearer share warrants**: 1. Credit institutions, financial institutions and crypto-asset service providers shall be… - **Identification and verification of the identity of customers and beneficial owners**: 1. With the exception of cases of lower risk to which measures under Section… - **Provision of records to competent authorities**: Obliged entities shall have systems in place that enable them to respond fully and speedily to enquiries from… - **Identification of third countries posing a specific and serious threat to the Union’s financial system**: 1. The Commission is empowered to adopt delegated acts… - **Exceptions to obligations of legal entities and legal arrangements**: Articles 63 and 64 shall not apply to: (a) companies whose securities are admitted to… - **Branches and subsidiaries in third countries**: 1. Where branches or subsidiaries of obliged entities are located in third countries where the minimum AML/CFT… - **Nominee obligations**: Nominee shareholders and nominee directors of a legal entity shall maintain adequate, accurate and up-to-date information on the identity… - **Beneficial ownership through control**: 1. Control over a corporate or other legal entity shall be exercised through ownership interest or via other means. 2. For… - **Reporting of suspicions**: 1. Obliged entities, and, where applicable, their directors and employees, shall cooperate fully with the FIU by promptly: (a)… - **Guidelines on reliance on other obliged entities**: By 10 July 2027, AMLA shall issue guidelines addressed to obliged entities on: (a) the conditions which are… - **Simplified due diligence measures**: 1. Where, taking into account the risk factors set out in Annexes II and III, the business relationship or transaction… - **Prior notification of exemptions**: 1. Member States shall notify the Commission of any exemption that they intend to grant in accordance with Articles 4, 5 and 6… - **Exemptions for certain financial activities**: 1. With the exception of persons engaged in the activity of money remittance as defined in Article 4, point (22)… - **Specific provisions for reporting of suspicions by certain categories of obliged entities**: 1. By way of derogation from Article 69 (1), Member States may allow… - **Regulatory technical standards on the information necessary for the performance of customer due diligence**: 1. By 10 July 2026, AMLA shall develop draft… - **Beneficial ownership through ownership interest**: 1. For the purpose of Article 51, first paragraph, point (a), ‘an ownership interest in the corporate entity’… - **Obliged entities**: The following entities are to be considered obliged entities for the purposes of this Regulation: (1) credit institutions; (2) financial… - **Prohibition of correspondent relationships with shell institutions**: 1. Credit institutions and financial institutions shall not enter into, or continue, a… - **Customer due diligence measures**: 1. For the purpose of conducting customer due diligence, obliged entities shall apply all of the following measures: (a)… - **Review**: By 10 July 2032, and every 3 years thereafter, the Commission shall review the application of this Regulation and submit a report to the European… - **Reporting of discrepancies with information contained in beneficial ownership registers**: 1. Obliged entities shall report to the central registers any… - **Ongoing monitoring of the business relationship and monitoring of transactions performed by customers**: 1. Obliged entities shall conduct ongoing monitoring of… - **List of prominent public functions**: 1. Each Member State shall issue and keep up-to-date a list indicating the exact functions which, in accordance with its… - **Identification of a class of beneficiaries**: 1. In the case of legal entities similar to express trusts under Article 57 or, with the exception of discretionary… - **Situation of specific employees**: Where a natural person falling within any of the categories listed in Article 3, point (3) performs professional activities as… - **Measures to mitigate risks in relation to transactions with a self-hosted address**: 1. Crypto-asset service providers shall identify and assess the risk of money… - **Compliance functions**: 1. Obliged entities shall appoint one member of the management body in its management function who shall be responsible for ensuring… - **Countermeasures to mitigate money laundering and terrorist financing threats from outside the Union**: For the purposes of Articles 29 and 31, the Commission may… - **Notifications**: Each Member State shall notify to the Commission by 10 October 2027 a list of the types of legal entities existing under its national law with… - **Specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers**: 1. By way of derogation from Article… - **Scope of application of enhanced due diligence measures**: 1. In the cases referred to in Articles 29, 30, 31 and 36 to 46, as well as in other cases of higher… - **Timing of the verification of the customer and beneficial owner identity**: 1. Verification of the identity of the customer, the beneficial owner, and of any… - **Identification of third countries with compliance weaknesses in their national AML/CFT regimes**: 1. Third countries with compliance weaknesses in their national… - **Beneficial ownership through control**: 4. In addition to paragraph 3, control of the legal entity may be exercised via other means. Depending on the particular… - **Exercise of the delegation**: 6. A delegated act adopted pursuant to Article 29, 30, 31 or 34 shall enter into force only if no objection has been expressed… - **Exemptions for certain financial activities**: 3. For the purposes of paragraph 1, point (b), Member States shall apply a maximum threshold per customer and per… - **Specific provisions for reporting of suspicions by certain categories of obliged entities**: (1) to the extent that such exemption relates to information that… - **Inability to comply with the requirement to apply customer due diligence measures**: 2. Paragraph 1 shall not apply to notaries, lawyers, other independent legal… - **Specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers**: 2. Crypto-asset service providers… - **Timing of the verification of the customer and beneficial owner identity**: (1), points (a) and (b), is obtained. 4. Whenever entering into a new business… - **Simplified due diligence measures**: 3. For the purpose of applying simplified due diligence measures referred to in paragraph 1, point (a), obliged entities… - **Limits to large cash payments in exchange for goods or services**: (11), of Directive (EU) 2015/2366. Payments or deposits referred to in the first subparagraph… - **General provisions relating to reliance on other obliged entities**: 3. In the case of obliged entities that are part of a group, compliance with the requirements… - **Notification of cross-border operations and application of national law**: (1) of Directive (EU) 2024/1640 operate, in other Member States than the one where they… - **Processing of personal data**: 4. Personal data shall be processed by obliged entities on the basis of this Regulation only for the purposes of the prevention of… - **Scope of internal policies, procedures and controls**: 2. The policies, procedures and controls referred to in paragraph 1 shall include: (a) internal policies… - **Trustee obligations**: 2. The trustee or the person holding an equivalent position in a similar legal arrangement shall obtain and report to the central register… - **Scope of application of enhanced due diligence measures**: 4. With the exception of the cases covered by Section 2 of this Chapter, in cases of higher risk as… - **Anonymous accounts and bearer shares and bearer share warrants**: (4), of that Regulation shall be permitted to issue new and maintain existing bearer shares. For… - **Identification of beneficial owners for express trusts and similar legal arrangements**: 4. Member States shall notify to the Commission by 10 October 2027 a list… - **Outsourcing**: — Article 18 — Outsourcing (2); (b) the approval of the obliged entity’s internal policies, procedures and controls pursuant to Article 9; (c) decision on the… - **Obliged entities**: (3) the following natural or legal persons acting in the exercise of their professional activities: (a) auditors, external accountants and tax… - **Ongoing monitoring of the business relationship and monitoring of transactions performed by customers**: (2). Where business relationships cover more than one… - **Beneficial ownership through ownership interest**: (4), point (c), of Directive (EU) 2024/1640 categories of corporate entities that are exposed to higher money… - **Business-wide risk assessment**: 2. The business-wide risk assessment drawn up by the obliged entity pursuant to paragraph 1 shall be documented, kept up-to-date… - **Beneficial ownership information**: (1), point (b), or, in the case of legal arrangements of which the natural person is the beneficial owner, basic information… - **Group-wide requirements**: 2. Compliance functions shall be established at the level of the group. Those functions shall include a compliance manager at the level… - **Identification of third countries with significant strategic deficiencies in their national AML/CFT regimes**: 4. Where a third country is identified in… - **Prohibition of disclosure**: (2), (3)(a) and (b), in cases relating to the same transaction involving two or more obliged entities, and by way of derogation from… - **Exchange of information in the framework of partnerships for information sharing**: 3. Information exchanged in the framework of a partnership for information… - **Identification of third countries with compliance weaknesses in their national AML/CFT regimes**: (4), that obliged entities shall apply to mitigate risks related… - **Foreign legal entities and foreign legal arrangements**: 2. By way of derogation from paragraph 1, point (a), where legal entities created outside the Union enter… - **Obligations of legal entities**: (4) of Directive (EU) 2024/1640. 3. Where, having exhausted all possible means of identification pursuant to Articles 51 to 57… - **Application of customer due diligence measures**: (9), of Regulation (EU) 2023/1113, that amounts to a value of at least EUR 1 000, or the equivalent in national… - **Specific measures for individual third-country respondent institutions**: 4. Prior to issuing the recommendation referred to in paragraph 2, AMLA shall consult… - **Reporting of suspicions**: 2. For the purposes of paragraph 1, obliged entities shall assess transactions or activities carried out by their customers on the… - **Definitions**: (6) ‘financial institution’ means: (a) an undertaking other than a credit institution or an investment firm, which carries out one or more of the… - **Reporting of discrepancies with information contained in beneficial ownership registers**: 3. Where a customer has not submitted the correct information within… - **Compliance functions**: (6). In the case of obliged entities subject to checks on their senior management or beneficial owners pursuant to Article 6 of Directive… - **Regulatory technical standards on the information necessary for the performance of customer due diligence**: (1), points (a) and (b), in the case of standard… - **Identification of beneficial owners for legal entities similar to express trust**: 4. The Commission may adopt, by means of an implementing act, a list of types… - **List of prominent public functions**: (34), where the lists notified by Member States pursuant to paragraph 1 identify common additional categories of prominent… - **Identification and verification of the identity of customers and beneficial owners**: only the assets that are to be managed in the context of the business… - **Identification of third countries posing a specific and serious threat to the Union’s financial system**: 4. Where AMLA identifies that a third country other than… - **Record retention**: 2. By way of derogation from paragraph 1, obliged entities may decide to replace the retention of copies of the information by a retention of… - **Customer due diligence measures**: close associate; (h) where a transaction or activity is being conducted on behalf of or for the benefit of natural persons… - **Group-wide requirements**: 3. The policies, procedures and controls pertaining to the sharing of information referred to in paragraph 1 shall require obliged… - **Scope of internal policies, procedures and controls**: (b) internal controls and an independent audit function to test the internal policies and procedures… - **Specific measures for individual third-country respondent institutions**: 6. In relation to third-country respondent institutions referred to in paragraph 1… - **Identification and verification of the identity of customers and beneficial owners**: (1), second subparagraph, point (a). Where, after having exhausted all… - **Compliance functions**: (4) of Directive (EU) 2024/1640. 3. Obliged entities shall provide the compliance functions with adequate resources, including staff and… - **Scope of application of enhanced due diligence measures**: 5. Where a business relationship that is identified as having a higher risk involves the handling of… - **Outsourcing**: — Article 18 — Outsourcing 6. By way of derogation from paragraph 1, obliged entities shall not outsource tasks deriving from the requirements under this… - **Identification of third countries with significant strategic deficiencies in their national AML/CFT regimes**: 7. The Commission shall review the delegated acts… - **Exchange of information in the framework of partnerships for information sharing**: (1); (g) information on suspicions pursuant to Article 69. The information… - **Definitions**: (2) of Directive 2009/65/EC and its management company as defined in Article 2 (1), point (b), of that Directive or an investment company… - **Application of customer due diligence measures**: (3), a limit to large cash payments of EUR 3 000 or less, or the equivalent in national currency, except in the… - **Ongoing monitoring of the business relationship and monitoring of transactions performed by customers**: (42); (c) they become aware of a relevant fact which… - **Limits to large cash payments in exchange for goods or services**: (25), of Directive (EU) 2015/2366 other than banknotes and coins and of the measures taken by… - **Identification of third countries posing a specific and serious threat to the Union’s financial system**: (4), that obliged entities shall apply to mitigate risks… - **Foreign legal entities and foreign legal arrangements**: 4. For the purposes of paragraph 1, point (a), obliged entities shall inform the legal entities where the… - **Record retention**: 4. Where, on 10 July 2027, legal proceedings concerned with the prevention, detection, investigation or prosecution of suspected money… - **Reporting of suspicions**: (2) shall transmit the information referred to in paragraph 1 of this Article to the FIU of the Member State in whose territory the… - **Trustee obligations**: 4. The beneficial owners of a legal arrangement other than the trustees or persons holding an equivalent position, its agents and the… - **Inability to comply with the requirement to apply customer due diligence measures**: 4. By 10 July 2027, AMLA shall issue joint guidelines with the European… - **Obligations of legal entities**: (1), second subparagraph, point (a) of this Regulation. For the purpose of this paragraph, ‘senior managing officials’ means the… - **Obliged entities**: is carried out by art galleries and auction houses, where the value of the transaction or linked transactions amounts to at least EUR 10 000… - **Exchange of information in the framework of partnerships for information sharing**: (3), and that record shall contain reference to the fact that the information… - **Reporting of suspicions**: 8. Where the activities of a partnership for information sharing result in the knowledge, suspicion or reasonable grounds to suspect… - **Scope of application of enhanced due diligence measures**: 6. With the exception of the cases covered by Section 2 of this Chapter, where Member States identify… - **Foreign legal entities and foreign legal arrangements**: 6. Where the legal entity, the trustee of the express trust or the person holding an equivalent position… - **Application of customer due diligence measures**: (3) (j), in addition to their direct customer, the supplier of goods; (b) in the case of notaries, lawyers and… - **Definitions**: (5), of Regulation (EU) 2023/1114 except when falling under the categories listed in Article 2 (4) of that Regulation; (8) ‘crypto-asset services’… - **Group-wide requirements**: (42)(b), and the conditions under which the provisions of this Article apply to entities that are part of structures which share common… - **Identification and verification of the identity of customers and beneficial owners**: 4. In the case of beneficiaries of trusts or similar legal entities or… - **Compliance functions**: (2), point (b), can report directly to the management body in its management function and, where such a body exists, to the management… - **Outsourcing**: — Article 18 — Outsourcing (25), of Directive (EU) 2015/2366 from investors to another entity, it may outsource the task referred to in paragraph 3, points… - **Trustee obligations**: 7. In the cases referred to in paragraph 6 of this Article, when providing beneficial ownership information in accordance with Article 20… - **Application of customer due diligence measures**: (1), points (a), (b) and (c), with respect to electronic money on the basis of the proven low risk posed by the… - **Definitions**: (12) ‘gambling service’ means a service which involves wagering a stake with monetary value in games of chance, including those with an element of… - **Scope of application of enhanced due diligence measures**: 8. Enhanced due diligence measures shall not be invoked automatically with respect to branches or… - **Exchange of information in the framework of partnerships for information sharing**: information to the extent that this is necessary for the performance of their… - **Identification and verification of the identity of customers and beneficial owners**: 7. Obliged entities shall verify the identity of the beneficial owner and… - **Definitions**: (17) ‘electronic money’ means electronic money as defined in Article 2, point (2), of Directive 2009/110/EC of the European Parliament and of the… - **Exchange of information in the framework of partnerships for information sharing**: (1); (c) the information is provided to AMLA pursuant to Article 93 of… - **Application of customer due diligence measures**: (1), point (a), by identifying the customer and verifying the customer’s identity upon entry to the casino or… - **Definitions**: (25), of Directive (EU) 2015/2366, cheque clearing, payable-through accounts and foreign exchange services; (b) the relationships between and among… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_ajy7twf5jyvd9yf8. Index of every page: https://consilena.com/llms.txt.