What the EU’s Anti-Money Laundering Authority means for your business

The Anti-Money Laundering Authority started operations on 1 July to enhance detection and prevention against money laundering. Sinead Ovenden explains the AMLA and what it means for your business

The EU’s new Anti-Money Laundering Authority (AMLA), established under Regulation (EU) 2024/1620, marks a major milestone in the EU’s fight against financial crime.

Officially published on 19 June 2024, AMLA began operations on 1 July 2025, with key preparatory provisions already in effect.

As part of the broader AML Package, AMLA will play a central role in strengthening oversight, harmonising rules and enhancing the EU’s capacity to detect and prevent money laundering and terrorist financing.

The AML Package introduces a unified and far-reaching framework to combat money laundering and terrorist financing. It includes:

Together, these instruments aim to create a cohesive, risk-based and technology-enabled AML/Countering the Financing of Terrorism (CFT) regime across the EU.

AMLA will be headquartered in Frankfurt, Germany and will act as the central supervisory authority for AML/CFT in the EU. Its mandate includes both direct and indirect supervision, coordination with national authorities and the development of technical standards.

Key functions of AMLA

AMLA is tasked with overseeing the application and enforcement of AML/CFT standards, fostering a unified approach to financial security throughout the EU.

The authority will directly supervise high-risk financial institutions and obliged entities, particularly those with cross-border operations, ensuring compliance with stringent standards, and collaborate closely with financial intelligence units (FIUs), facilitating joint analyses and information exchange to enhance the detection and prevention of financial crimes.

AMLA is responsible for developing regulatory technical standards and guidelines, promoting uniformity in AML/CFT practices. By maintaining a comprehensive repository of AML/CFT data, AMLA endeavours to enhance transparency and information sharing among national and EU supervisory bodies.

AMLA will be governed by a general board (strategic oversight); an executive board (day-to-day operations); and a chairperson appointed by the Council of the European Commission, who will oversee AMLA’s establishment until 31 December 2025.

Regulation (EU) 2024/1624: The Single Rulebook

Regulation (EU) 2024/1624 introduces a uniform AML/CFT framework that applies directly across all member states, replacing the current patchwork of national transpositions. It has several key provisions:

  • Standardised obligations for all obliged entities, including financial institutions, legal professionals, real estate agents and others.
  • Risk-based approach requiring entities to assess and mitigate risks based on their business model and exposure.
  • Enhanced beneficial ownership requires disclosure of beneficial ownership information to increase transparency and prevent the misuse of corporate structures.
  • Sector expansion, which extends AML/CFT obligations to sectors such as professional football clubs and traders of high-value goods, addressing vulnerabilities and closing existing loopholes.
  • Cross-border supervision obligations include notification to national supervisors before operating in another member state.

The timeline for general application is 10 July 2027 and sector-specific provisions will be phased in by 10 July 2029.

Directive (EU) 2024/1640: Sixth Anti-Money Laundering Directive (AMLD6)

Directive (EU) 2024/1640 (AMLD6) complements the Single Rulebook by reinforcing national supervisory capacity and inter-agency cooperation. Its key provisions are:

  • National supervisory mechanisms must be strengthened to ensure effective enforcement.
  • FIUs are given a central role in intelligence gathering and cooperation.
  • Authority collaboration is mandated to ensure a unified approach across member states.
  • Whistleblower protections are enhanced to encourage the reporting of suspicious activity.

Member states must transpose AMLD6 into national law by 10 July 2027.

Directive (EU) 2024/1654: Centralised Bank Account Registries

Directive (EU) 2024/1654 enhances transparency by expanding law enforcement access to centralised bank account registries. It will facilitate the tracking of illicit financial flows and improve investigative capabilities.

This directive will have a phased implementation from 10 July 2027 to 10 July 2029, allowing member states to upgrade systems and ensure secure access.

Preparation

There are several things an organisation can do to incorporate the ALMA framework.

  • Review internal policies: Assess your AML/CFT policies and standards against the requirements in the new Single Rulebook (Regulation 2024/1624). Ensure consistency across all EU jurisdictions where your business operates. This alignment will help demonstrate compliance readiness and reduce the risk of regulatory scrutiny under AMLA’s harmonised framework.
  • Strengthen beneficial ownership and customer due diligence controls: Implement robust procedures to verify and document beneficial ownership using national registries. At the same time, enhance customer due diligence processes, especially for high-risk countries and politically exposed persons (PEPs) and ensure systems can manage the harmonised €10,000 threshold for occasional transactions.
  • Invest in technology and automation: Consider implementing and enhancing technology and digital solutions to meet the ever-increasing demand for operations, data security, and regulatory reporting. AMLA will rely on centralised data access and analytics, so being tech-ready will improve compliance efficiency, reduce manual effort, and support timely reporting to national and EU authorities.
  • Train staff on new requirements: Deliver awareness sessions on AMLA’s supervisory role, new CDD and reporting obligations, and cross-border compliance expectations. Well-informed staff are essential to embedding a culture of compliance and ensuring your organisation can respond confidently to evolving regulatory demands.
  • Engage with supervisors and prepare for centralised reporting: Establish strong communication channels with national AML supervisors and FIUs. Monitor AMLA guidance as it becomes available. Also, ensure your systems are ready to contribute to and access AMLA’s central database, aligning internal reporting formats with EU-wide standards.

Sinead Ovenden is Partner at PwC Ireland