EU adopts new AML package

The Council of the EU has adopted the new AML package, which will comprise a new Regulation which takes in and updates all AML requirements on the private sector,  a new Directive which sets out both how national FIUs and supervisors could work together and a further new Regulation setting up the new AMLA to supervised high-risk firms throughout the EU.

Among the changes in scope that the Regulation brings in are changes that will bring within the AML concept of “obliged entity” most of the crypto-sector, luxury goods traders and football clubs and agents. It also sets a limit on cash payments of €10,000.

The main Regulation will not apply for another 3 years. The Directive will take effect at various times between 2-3 years, while AMLA will start operations towards the middle of 2025.