On 24 April 2024, the European Parliament’s plenary session adopted its first reading positions on the AMLD, AMLR and AMLA proposals, which are part of the AML package that was proposed by the European Commission on 20 July 2021. The first reading within the European Parliament is hence concluded for these three files.
Under the new laws, Financial Intelligence Units (FIUs) are given more powers to analyse and detect money laundering (ML) and terrorist financing (TF) cases and to suspend suspicious transactions. Enhanced due diligence (EDD) measures and checks on customers’ identity are also included, after which obliged entities have to report suspicious activities to FIUs and other competent authorities.
There are also, among others, measures to ensure compliance with targeted financial sanctions and avoid sanctions being circumvented. AMLA will be established in Frankfurt and will be charged with directly supervising the riskiest financial entities, intervening in case of supervisory failures, acting as a central hub for supervisors and mediating disputes between them. AMLA will also supervise the implementation of targeted financial sanctions.
The laws still need to be formally adopted by the Council before their signature and publication in the EU Official Journal.
