AMLR is the EU’s new Anti-Money Laundering Regulation, Regulation (EU) 2024/1624. It applies from 10 July 2027 and will then apply directly in all EU countries. For banks, finance companies and insurers, it means a single rulebook for customer due diligence, beneficial ownership and ongoing monitoring.
Here we explain what AMLR is, what changes compared with today and how you can prepare.
What does AMLR stand for?
AMLR stands for Anti-Money Laundering Regulation. It is part of the EU’s new package against money laundering and terrorist financing, which also includes a new directive (AMLD6) and a new EU authority, AMLA.
The difference from today is that the customer due diligence rules come in a regulation. A regulation applies directly in all member states, without first being turned into national law. That makes the rules more uniform across the EU.
When does AMLR apply?
AMLR applies from 10 July 2027. It then replaces large parts of today’s national anti-money laundering rules.
What changes with AMLR?
- Beneficial owner from 25 percent: the threshold becomes 25 percent or more, instead of more than 25 percent. Read more about beneficial owners.
- Fixed intervals for updating customer information: information on high-risk customers must be updated at least once a year, and on other customers at least every five years.
- Cap on cash payments: cash payments above EUR 10,000 are prohibited.
- More businesses covered: including crypto-asset service providers, crowdfunding platforms and traders in precious metals.
- A single rulebook: the requirements for Know Your Customer (KYC), risk assessment and documentation become the same across the EU.
What is AMLA?
AMLA is the EU’s new Anti-Money Laundering Authority, based in Frankfurt. From 2028, AMLA will directly supervise up to 40 high-risk financial institutions operating in several countries. AMLA also coordinates the national supervisors, in Sweden mainly Finansinspektionen.
How to prepare for AMLR
- Review your customer due diligence processes and compare them with the new requirements.
- Check beneficial ownership for corporate customers at exactly 25 percent.
- Plan your KYC refresh so that high-risk customers are reviewed every year and others at least every five years.
- Review your documentation so that you can show how you reached your assessments.
How Sweet helps you prepare for AMLR
Refreshing customer due diligence at fixed intervals is a lot of work when done manually. With Sweet you can automate the whole flow: the renewal request is sent out, the customer fills in a digital form with BankID, reminders go out automatically and the answers update your systems. Company and beneficial ownership information is retrieved and validated through information providers such as Roaring and Dun & Bradstreet, and changes in ownership structure are picked up continuously.
Sweet brings KYC, AML and follow-up together in one flow. Read more about how Sweet is used for KYC and AML.
Frequently asked questions about AMLR
What is the difference between AMLR and AMLD6?
AMLR is a regulation that applies directly. AMLD6 is a directive that countries transpose into their own law, for example on registers and supervision.
Does AMLR apply to my company?
AMLR applies to businesses covered by anti-money laundering rules, such as banks, finance companies, insurers, asset managers and crypto-asset service providers.
Does AMLR replace national anti-money laundering law?
Large parts of it. The customer due diligence rules then come from AMLR, while some areas, such as supervision and sanctions, are still governed by national law.
How often must customer information be updated under AMLR?
At least once a year for high-risk customers and at least every five years for other customers.
Want to see how it works?
Sweet helps banking, finance and insurance automate customer due diligence ahead of AMLR. Explore our use cases or book a demo and we will show you how it could work for you.
