News and developments
Publication of the EU AML/CFT Legislative Package in the EU’s Official Journal
- Regulation (EU) 2024/1624 – AML/CFT Regulation (“AMLR”)
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- the provisions under Article 74 relating to the central registers of beneficial ownership of corporates and trusts must be transposed by 10th July 2025;
- the provisions under Articles 11, 12, 13, and 15 pertaining to beneficial owner registers must be transposed by 10th July 2026; and
- the provisions under Article 18 relating to access to real estate information must be transposed by 10th July 2029.
Way Forward
The abovementioned legislative texts modify the operational regime for obliged entities within the EU (including subject persons) by harmonizing AML/CFT rules within the EU, including the establishment of a new supervisory authority (AMLA), and setting up of new due diligence requirements within the context of AML and CFT. As noted above, the new imposed requirements will come into force gradually, and therefore subject persons are encouraged to be acquainted with the new requirements and ensure that their internal policies, procedures, systems and controls are in line with the AMLR. Should you require any clarifications on the above, kindly contact Mario Zerafa or Jonathan Camilleri.Author: Jonathan Camilleri