The Financial Intelligence Analysis Unit (FIAU) would like to bring to your attention the publication by the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) of the following final reports containing three sets of Regulatory Technical Standards (RTSs) concerning:
- Criteria for identifying business relationships, occasional and linked transactions and lower thresholds under Article 19(9) of the Anti-Money Laundering Regulation (Regulation (EU) 2024/1624) (AMLR): delving into how obliged entities should distinguish between business relationships and occasional transactions, and how linked transactions can be identified so that customer due diligence thresholds are applied consistently throughout the Union.
- Customer due diligence under Article 28(1) of the AMLR: clarifying the customer due diligence information that obliged entities must collect, including proportionate measures for lower-risk situations, non-face-to-face verification, electronic identification, and screening of politically exposed persons (PEPs), their family members and close associates.
- Group-wide minimum requirements and additional measures for subsidiaries and branches in third countries under Articles 16(4) and 17(3) of the AMLR: establishing requirements to ensure effective group-wide AML/CFT arrangements, including governance, risk management, internal controls and secure information sharing.
The final draft standards have now been submitted to the European Commission. Once adopted and published in the Official Journal of the EU, they are proposed to apply six months after their entry into force. For football agents and professional football clubs, they will apply from 10 July 2029.
The final reports along with accompanying factsheets may be accessed directly from AMLA’s website.
Furthermore, AMLA has also published another final report relating to the RTS on the cooperation of home and host supervisors of cross-border groups under Article 46(4) of the Anti-Money Laundering Directive (Directive (EU) 2024/1640) (AMLD). The standards establish a simple, proportionate and efficient framework for information exchange, cross-border inquiries and coordinated supervision in both the financial and non-financial sectors, while also clarifying the respective roles of home and host supervisors in ensuring effective day-to-day cooperation.
The draft RTSs have now been submitted to the European Commission and once adopted and published in the Official Journal of the European Union, will apply directly.
The final report may be accessed directly from AMLA’s website.