NEW EUROPEAN ANTI-MONEY LAUNDERING REGULATION | A GAME-CHANGER FOR COMPANIES AND PROFESSIONALS
Last June, the European Union introduced a new Regulation on the Prevention of Money Laundering and Terrorist Financing (AML/CFT).
This landmark text, which complements the Sixth Directive, seeks to unify the rules across Europe and strengthen the financial system against illicit activities. The impact is enormous: more sectors are now covered, stricter controls apply, and the penalties for non-compliance will be tougher than ever.
WHAT ARE THE MAIN CHANGES
1. MORE OBLIGED ENTITIES
The Regulation greatly expands the list of sectors and professionals required to comply. Beyond banks and financial institutions, the following are now included:
- Traders in precious metals and stones.
- Companies dealing in luxury goods (cars, yachts, aircraft).
- Crowdfunding platforms.
- Service providers to third-country nationals applying for a “golden visa”.
- Professional football clubs and agents involved in transfers and investments.
- Crypto-asset service providers, with broader obligations than before.
Lawyers, notaries, and advisors will also face expanded obligations, especially in transactions involving crypto-assets and account management.
2. NEW COMPLICANCE ROLES
Every entity must appoint:
- A Compliance Manager → a board-level figure responsible for compliance.
- A Compliance Officer → in charge of day-to-day monitoring and direct contact with authorities.
For smaller entities, the same person may hold both roles.
3. CHANGES IN DUE DILIGENCE
- Due diligence applies to transactions of €10,000 or more.
- For crypto-assets, the threshold drops to €1,000.
- For gambling, it starts at €2,000.
Checks are stricter and now include verifying exposure to international sanctions, identifying politically exposed persons (PEPs), and understanding the client’s full business activity.
4. TRANSPARENCY OF BENEFICIAL OWNERSHIP
The definition of beneficial owner is clarified and expanded, considering both shareholding and effective control. Stronger requirements now apply to verify the identity of clients and representatives, even in complex structures such as trusts.
5. GREATER MONITORING OF BUSINESS RELATIONSHIPS
- Annual updates for high-risk clients.
- Every five years for standard clients.
Ongoing monitoring will track both the origin and destination of funds.
6. END OF ANONYMITY
- Annual updates for high-risk clients.
- Every five years for standard clients.
Ongoing monitoring will track both the origin and destination of funds.
7. A EUROPEAN WATCHDOG: AMLA
The Regulation creates the European Anti-Money Laundering Authority (AMLA), which will:
- Directly supervise high-risk entities.
- Coordinate national Financial Intelligence Units (FIUs).
- Impose multi-million euro fines for non-compliance.
WHEN DOES IT APPLY
The Regulation is already in force, but most obligations will become mandatory on 10 July 2027.
For football clubs and agents, compliance is delayed until 2029.
CONCLUSION | A COMPLIANCE REVOLUTION
This new Regulation is a seismic shift in the fight against money laundering in Europe. More sectors are affected, transparency is strengthened, and the risk of sanctions has skyrocketed.
At DLVA, our expert team in compliance and financial law is ready to help businesses and professionals adapt to the new rules, avoid penalties, and stay ahead of the curve. Contact us today to prepare your organization for the future of compliance in Europe.
Written by: Javier de la Vega. Lawyer
De la Vega & Associates Law Firm
Don’t risk what you’ve built. We analyze your case and guide you with concrete legal solutions.
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