Few areas of regulatory law are evolving as rapidly as European money laundering law. Over the past few years these requirements have become increasingly complex and detailed. In July 2024, the long-awaited AML package came into force, introducing significant changes to the current
anti-money laundering (AML) framework.
The AML package underscores that combating money laundering and countering terrorist financing (CTF) remain top priorities for legislators, regulators and law enforcement agencies. Financial institutions, in particular, must stay abreast of new requirements, update internal processes and foster a culture that promotes AML compliance.
The AML package consists of:
- Regulation (EU) 2024/1624 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation, AMLR)
- Directive (EU) 2024/1640 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Directive 6, AMLD6)
- Regulation (EU) 2024/1620 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA Regulation, AMLAR)
- Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Funds Transfer Regulation 2, FTR2)
This AML package is a comprehensive and complex new legal framework. Colleagues from nine Freshfields offices across six European jurisdictions have prepared an AML navigator to serve as your initial source to get an overview over the AML package.
The navigator is available here.
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