Anti-Money Laundering Regulation (AMLR) Regulation (EU) 2024/1624
- Issuing authority
- European Union
- Effective date
- Entered into force 9 July 2024 Applies From 10 July 2027
- Scope
- All EU Member States
Key requirements
The biggest change to EU AML in decades. Unlike a directive, this Regulation applies directly across all 27 EU countries from 10 July 2027, no national variation. It tells obliged entities (banks, CASPs, lawyers, accountants, real estate agents, high-value goods dealers, professional football clubs) exactly what they must do for CDD, EDD, beneficial ownership, transaction monitoring and STR filing. Start preparing now.
Quick Summary
The Anti-Money Laundering Regulation (AMLR) introduces a single set of AML rules that will apply directly across all EU Member States. It sets out how firms should identify customers, assess risk, monitor transactions, report suspicious activity, and comply with other key AML obligations. Unlike previous AML directives, the same rules will apply across the EU without each country creating different versions.
What is it?
AMLR is the EU's new AML rulebook. Instead of each Member State interpreting AML rules differently, the AMLR creates one common set of rules for everyone. This helps make AML compliance more consistent across the European Union and reduces differences between national AML regimes.
Who does it apply to?
- Banks
- Payment institutions
- Electronic money institutions
- Investment firms
- Crypto Asset Service Providers (CASPs)
- Lawyers
- Accountants
- Trust and company service providers
- Real estate professionals
- High-value goods dealers
- Professional football clubs and agents
- Other businesses subject to the EU AML framework
Why does it matter?
It aims to create a more consistent approach to AML compliance, making it easier for firms that operate across multiple EU countries while strengthening the fight against financial crime.
What should firms do?
- Review the AMLR requirements and understand how they differ from current national rules.
- Update customer due diligence (CDD) and enhanced due diligence (EDD) procedures.
- Review beneficial ownership processes.
- Update transaction monitoring and suspicious transaction reporting procedures.
- Identify any changes needed to AML policies, systems, and internal controls.
- Train staff before the Regulation starts applying on 10 July 2027.
- Monitor AMLA technical standards and guidance that will explain how parts of the AMLR should be implemented.
AboutAML Breakdown
Before the AMLR, most EU AML rules came from Directives. That meant each Member State had to turn the Directive into its own national law, which often led to differences between countries. The AMLR changes that. From 10 July 2027, the same AML rules will apply directly across all EU Member States. This creates a more consistent approach to customer due diligence, beneficial ownership, transaction monitoring, and other core AML requirements. For firms that operate in more than one EU country, this should make compliance simpler because there will be fewer differences between national AML rules.