Our summary
Regulation (EU) 2024/1624, adopted on 31 May 2024, is the core of the EU’s new AML/CFT package (together with the AMLA regulation and the 6th AML Directive). As a regulation, it applies directly in every Member State, replacing many national variations with one set of rules for obliged entities.
It sets detailed rules on customer due diligence, ongoing monitoring, simplified and enhanced measures, and the verification of beneficial owners (including reporting discrepancies in central registers). It widens the list of obliged entities, for example to crypto-asset service providers, crowdfunding platforms and professional football clubs and agents. It also introduces an EU-wide limit on large cash payments above EUR 10,000.
How auditors use it: Use it as the reference point when assessing an EU entity’s KYC, beneficial ownership and transaction monitoring controls, and to test readiness for the new rules.