(ΑΜL) Anti Money Laundering Regulation 2024/1624: Harmonizing Compliance Standards across the EU
(article by A. Chatziiakovou, Associate and S. Getimi, Senior Associate published on Lexology, Sept 16, 2024)
Introduction
As illicit money flows can prove particularly damaging to the integrity, stability and
prestige of the financial sector and threaten the EU’s internal market, targeted and
proportionate prevention of the use of the financial system for money laundering
and terrorist financing is more necessary than ever. To this end, Directive 2015/849
was, until recently, the key legal instrument at EU level, reinforced by Directive
2018/843, which increased transparency on beneficial ownership. However, the
lack of direct application of the AML rules as well as the fragmented approach in
the national contexts highlighted the need for a uniform application of the AML/CFT
framework across the EU, through a Regulation.
On 31.5.2024, Regulation 2024/1624 (hereinafter referred to as “AMLR”) was
adopted, which together with Regulation 2023/1113, Directive 2024 1640 and
Regulation 2024/1620, will form the legal framework which will aim to modernize
the existing AML regime and harmonize the action of both obliged entities and
supervisory authorities . The most important innovation of the new legislative
package is the establishment of an EU Anti Money Laundering Authority (AMLA) which will, inter alia, develop draft regulatory technical standards on the
requirements applicable to obliged entities and the information to be collected in
the context of the application of due diligence measures measures. The Regulation will enter
into force on 10. 0 7.2027 and the Directive (EU) 2015/849 will be repealed with
effect from th e same da te by the new AML Directive (EU) 1640.
Read the full article of “Anti Money Laundering Regulation 2024/1624”: 
Lexology Link: ΑΜL Regulation 2024/1624: Harmonizing Compliance Standards across the EU
