EU formally adopts its anti-money laundering package and creates AMLA
The Council of the EU adopted the anti-money laundering package on 30 May 2024, after Parliament's vote on 24 April. It comprises the single rulebook regulation (2024/1624), the sixth AML directive (2024/1640) and the regulation creating the Anti-Money Laundering Authority (2024/1620). The acts were published on 19 June 2024 and most rules apply from July 2027.
The European Parliament approved the EU anti-money laundering (AML) package on 24 April 2024 and the Council adopted it on 30 May 2024. The acts were signed on 31 May and published in the Official Journal on 19 June 2024.
What was adopted
- Regulation (EU) 2024/1624, the AML single rulebook. It sets a common definition of beneficial ownership, based on ownership or control with a 25% threshold, and applies directly in every member state from 10 July 2027.
- Directive (EU) 2024/1640 (the sixth AML directive). It covers national beneficial ownership registers, access for people with a legitimate interest such as journalists and civil society, and the powers of financial intelligence units. Most of it must be transposed by 10 July 2027, with some register provisions due earlier.
- Regulation (EU) 2024/1620, which creates the EU Anti-Money Laundering Authority (AMLA) in Frankfurt. AMLA has existed in law since 26 June 2024 and started operating from 1 July 2025.
Who is affected
Every company and legal entity in the EU through the beneficial ownership rules, and banks, corporate service providers and other obliged entities through due diligence duties.
What to do
Check that the beneficial ownership details held for each EU entity would meet the single rulebook's definitions, and watch for national laws implementing the directive's register provisions.