Regulation creating EU-wide AML/CFT authority known as AMLA

(AMLA Regulation)

Regulation (EU) 2024/1620 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism

Establishing the new EU authority for AML/CFT and conferring its powers.

Level 1

Entry into force

26 June 2024

The following start applying:

  • Rules on establishment, scope of action and seat (Articles 1 and 4), the Headquarters Agreement and operating conditions (Article 101) and commencement of AMLA’s activities (Article 107);
  • Rules on the instruments that AMLA may already use: regulatory technical standards, implementing technical standards, guidelines and recommendations, opinions and technical advice (Articles 49, 53, 54 and 55) and rules on the power to adopt delegated acts conferred on the EU Commission (Article 100);
  • Rules regarding certain AMLA bodies, such as the General Board, the Executive Board, the Chair of AMLA and its Executive Director (Articles 57 to 66 and 68 to 71).

AMLA: a new game-changer at institutional level (14 May 2024)

2025

27 June 2025

Milestone

Cooperation with the European Supervisory Authorities

AMLA to conclude a memorandum of understanding with the ESAs setting out how they intend to cooperate in the performance of their tasks under EU law.

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Status update 27 June 2025: Memorandum of understanding between the ESAs and AMLA.

27 June 2025

Milestone

Cooperation with non-AML/CFT authorities

AMLA and the ECB to conclude a memorandum of understanding setting out the practical modalities for cooperation and for exchanging information in the performance of their respective tasks under EU law.

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Status update 27 June 2025: Memorandum of understanding between the ECB and AMLA.

Level 1

Entry into application

1July 2025

The AMLA Regulation starts to apply in full.
The AML/CFT package is finalised and Frankfurt it is (1 March 2024)

27 December 2025

Level 2

Central AML/CFT database

AMLA to develop draft regulatory technical standards specifying:

  • the procedure, formats and timelines for the transmission of information pursuant to Article 11(2) and (3) (Central AML/CFT database);
  • the scope and level of detail of the information to be transmitted, taking into account relevant distinctions between obliged entities, such as their risk profile;
  • the scope and level of detail of the information to be transmitted in relation to obliged entities in the non-financial sector;
  • the type of information for which the disclosure by AMLA, pursuant to a reasoned request or at its own initiative, requires the prior consent of the supervisory authority that originated the information;
  • which level of materiality a breach needs to have in order for a supervisory authority to be obliged to transmit information on the breach pursuant to Article 11(2)(c);
  • the conditions under which AMLA may request additional information pursuant to Article 11(3);
  • the types of additional information to be transmitted to AMLA pursuant to Article 11(3).

Until 27 June 2028, Article 11 (Central AML/CFT database) only applies to financial supervisors, credit institutions and financial institutions. Supervisory authorities in the non-financial sector may comply with the requirements of Article 11 before that date on a voluntary basis.

31 December 2025

EBA’s standalone AML/CFT mandates, powers and resources transfer to AMLA.

2026

1 January 2026

Level 2

Assessment of credit institutions and financial institutions for the purposes of selection for direct supervision

AMLA to develop draft regulatory technical standards specifying:

  • the minimum activities to be carried out by a credit institution or a financial institution under the freedom to provide services, whether through infrastructure or remotely, for it to be considered as operating in a Member State other than that where it is established;
  • the methodology based on the benchmarks referred to in Article 12(5) and (6) (Assessment of credit institutions and financial institutions for the purposes of selection for direct supervision) for classifying the inherent and residual risk profiles of credit institutions or financial institutions, or groups of credit institutions or financial institutions, as low, medium, substantial or high.

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Status update March 2025: EBA consultation paper on the proposed regulatory technical standards in the context of the EBA’s response to the EU Commission’s call for advice on new AMLA mandates.

1 January 2026

Level 2

Cooperation within the AML/CFT supervisory system for the purposes of direct supervision

AMLA to develop draft implementing technical standards specifying:

  • the conditions under which financial supervisors are to assist AMLA pursuant to Article 15(2) (Cooperation within the AML/CFT supervisory system for the purposes of direct supervision);
  • the process of periodic assessment referred to in Article 12(1), including the roles of the supervisory authorities and AMLA in assessing the risk profile of credit institutions and financial institutions;
  • the working arrangements for the transfer of supervisory tasks and powers to AMLA or from AMLA to national level following a selection process, including arrangements on the continuity of pending supervisory procedures or investigations;
  • the procedures for the preparation and adoption of decisions on the selection of obliged entities;
  • the detailed rules and arrangements for the composition and functioning of the joint supervisory teams referred to in Article 16(1) and (2) (Joint supervisory teams).

27 June 2026

Level 2

Reporting and transmission of the results of joint analyses

AMLA to develop draft implementing technical standards, in consultation with the European Public Prosecutor’s Office (EPPO), specifying the format to be used by AMLA for reporting information to the EPPO.

2027

1 June 2027

Level 2

Procedural rules for taking supervisory measures and imposing pecuniary sanctions and periodic penalty payments

EU Commission to adopt delegated acts setting out further rules of procedure for the exercise of the power to impose pecuniary sanctions or periodic penalty payments, including provisions on rights of defence, temporal provisions, and the collection of pecuniary sanctions or periodic penalty payments, as well as detailed rules on the limitation periods for the imposition and enforcement of penalties. 

1 January 2027

Level 2

Fees levied on selected and non-selected obliged entities

EU Commission to adopt a delegated act specifying the methodology for calculating the amount of the fee levied on each selected and non-selected obliged entity subject to fees in accordance with Article 77(1) (Fees levied on selected and non-selected obliged entities), and the procedure for collecting those fees.

2028

January 2028

Milestone

Expected start of direct supervision of the selected obliged entities.

2030

31 December 2030

Milestone

Evaluation and review

EU Commission to report to the EU Parliament and the Council of the EU on AMLA’s performance in relation to its objectives, mandate, tasks and location, in accordance with the EU Commission’s guidelines. The report must, in particular, address:

  • the possible need to amend the mandate of AMLA, and the financial implications of any such amendment;
  • the impact of all AMLA supervisory activities and tasks on the interests of the EU, and specifically the effectiveness of:
    • supervisory tasks and activities related to direct supervision of selected obliged entities;
    • indirect supervision of non-selected obliged entities;
    • indirect oversight of other obliged entities;
  • the impact of the activities related to support and coordination of FIUs, and in particular the coordination of the joint analyses of cross-border activities and transactions conducted by FIUs;
  • the impartiality, objectivity and autonomy of AMLA;
  • the appropriateness of governance arrangements, including the composition of, and voting arrangements in, the Executive Board and its relationship with the General Board;
  • the cost effectiveness of AMLA, if appropriate, separately in relation to its distinct sources of funding;
  • the effectiveness of the recourse mechanism against AMLA decisions and the independence and accountability arrangements applicable to AMLA;
  • the effectiveness of cooperation and information sharing arrangements between AMLA and non-AML/CFT authorities;
  • the interaction between AMLA and the other EU supervisory authorities and bodies, including the EBA, Europol, Eurojust, OLAF and the EPPO;
  • the scope of direct supervision and the criteria and methodology for the assessment and selection of entities for direct supervision;
  • the effectiveness of AMLA’s supervisory and sanctioning powers;
  • the effectiveness of, and convergence in, supervisory practices reached by supervisory authorities and the role of AMLA therein.

EU Commission to report on the above every five years. The report must also examine whether:

  • AMLA’s resources are sufficient to carry out its responsibilities;
  • it is appropriate to confer additional supervisory tasks on AMLA regarding obliged entities in the non-financial sector, specifying, as appropriate, the types of entities that should be subject to the additional supervisory tasks;
  • it is appropriate to confer additional tasks on AMLA in the area of support and coordination of the work of FIUs;
  • it is appropriate to confer additional sanctioning powers on AMLA.

EU Commission to provide, in every second report, a thorough review of the results achieved by AMLA having regard to its objectives, mandate, tasks and powers, including an assessment of whether the continuation of AMLA is still justified with regard to these objectives, mandate and tasks.