AMLD6: How Directive (EU) 2024/1640 is reorganising the European AML/CFT framework

A new distribution of European rules

AMLD6 was published in the Official Journal of the European Union on 19 June 2024. It amends Directive (EU) 2019/1937 and amends then repeals Directive (EU) 2015/849, which had previously been one of the main cornerstones of the European AML/CFT preventive framework.

The new architecture more clearly separates two categories of rules. On the one hand, Regulation (EU) 2024/1624, or AMLR, lays down a harmonised set of obligations for obliged entities. On the other hand, AMLD6 requires Member States to organise the authorities, registers, information resources, cooperation procedures and supervisory arrangements necessary for the system to function.

The central role of financial intelligence cells

Each Member State shall have a Financial Intelligence Unit, or FIU. The FIU constitutes the national central unit responsible for receiving and analysing the declarations transmitted by the obliged entities, as well as other relevant information concerning money laundering, predicate offences and the financing of terrorism.

When the analysis reveals grounds for suspicion, the FIU disseminates the relevant results and information to the competent national authorities. The AMLD6 also governs the access of FIUs to financial, administrative, and law enforcement information necessary for their missions, as well as exchanges between FIUs in cross-border cases.

What does not change for declarants

Suspicion notifications continue to be addressed to the competent national FIU in accordance with the applicable rules and channels in the relevant Member State. The European AMLA Authority supports cooperation and joint analysis between FIUs, but it does not replace national FIUs as central receiving and analysis authorities.

Beneficial ownership registers, bank accounts and real estate

The AMLD6 requires the maintenance of central registers containing information on the beneficial owners of legal entities, express trusts, and similar legal arrangements. Member States must provide mechanisms to promote the accuracy, adequacy, and up-to-date nature of the recorded information.

The directive also addresses centralised mechanisms for identifying holders or controllers of bank accounts, payment accounts, securities accounts, certain crypto-asset accounts and safe deposit boxes.

Another aspect concerns access to information on real estate. Article 18 provides for the creation, in each Member State, of a single access point enabling competent authorities to obtain the information provided for by the directive concerning real estate, its owners, and certain transactions.

Risk-based national supervision

Member States shall ensure that obliged entities are subject to effective AML/CFT supervision. Supervisors shall apply a risk-based approach, understand the risks present in their jurisdiction and appreciate the particular exposure of the entities they supervise.

The device must, in particular, allow supervisors to:

• obtain the necessary information to carry out their missions; ;
• to evaluate the policies, procedures and internal controls of regulated entities; ;
• carry out checks on documents, on-site inspections and thematic reviews; ;
• to examine resources relating to AML/CFT functions ;
• to adopt administrative measures or pecuniary penalties when the legal conditions are met; ;
• cooperate with other supervisors in cross-border situations.

The creation of AMLA therefore does not remove the competences of national authorities. They remain responsible for supervising entities that do not fall under the direct supervision of the European authority.

A phased transposition schedule

The AMLD6 does not provide for a single transposition deadline. Its Article 78 establishes several dates depending on the provisions concerned.

What are the practical consequences for professionals?

A large part of the effects of AMLD6 will reach professionals through national laws, CRF procedures, access to registers and supervisory practices.

A structured preparation can include, for example:

• to follow the transposition in each Member State in which the organisation carries out an activity; ;
• identify applicable local supervisory authorities and reporting channels; ;
• update the national appendices to group policies and procedures; ;
• check the terms of access to national registers; ;
• adapt training following the publication of final national measures; ;
• distinguish European requirements from options or procedures specific to each jurisdiction.

These actions constitute recommended preparatory measures. Their precise content must be determined with regard to the sector of activity, the country concerned and the national provisions actually applicable.