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ARTICLE · 11 MARCH 2024

The AML/CFT Package Is Finalised And Frankfurt It Is!

Arendt & Medernach
Arendt & Medernach
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In the wake of the announcements from both the EU Parliament and the Council, the political agreements on the AML/CFT Package have now been disclosed.

LuxembourgGovernment, Public Sector
Glenn Meyer
Glenn Meyer
Sandrine Périot
Sandrine Périot
Manfred Hoffmann
Manfred Hoffmann
Michel Iannone
Michel Iannone
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In the wake of the announcements from both the EU Parliament and the Council, the political agreements on the AML/CFT Package have now been disclosed.

While a revised Transfer of Funds Regulation has already been published (which will apply as from 30 December 2024 within the framework of the adoption of Markets in Crypto Assets Regulation (MiCA Regulation)), the remaining three pillars of the much-expected AML/CFT Package have now been agreed upon. It is composed by the Anti-Money Laundering Authority Regulation (AMLA Regulation), the sixth directive on AML/CFT (AMLD6) and a new AML/CFT Regulation (AMLR).

1. The new AML/CFT Authority (AMLA Regulation)

Recognizing the evolving landscape of financial crimes, the proposed AMLA Regulation aims at addressing structural weaknesses and to harmonize the AML/CFT supervisory framework within the EU. Over the past three decades, divergent national interpretations and practices have impeded effective cross-border control

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