Significant changes are expected in the legal framework concerning prevention of money laundering and terrorist financing (AML/CFT). On June 19, 2024, the Official Journal of the EU published new European regulations, part of the so-called AML package, in particular:
- Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (hereinafter "AMLR");
- Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849 (hereinafter "AMLD6"); and
- Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/201 (hereinafter "AMLAR").
The cornerstone of this legislation is AMLR, which contains the majority of rules regarding AML/CFT measures for obligated entities, as we know them from the existing Czech Act No. 253/2008 Coll. on certain measures against money laundering and terrorist financing (hereinafter “Czech AML Act”). AMLR will be directly applicable and enforceable across all member states, including the Czech Republic, starting July 10, 2027, and will largely replace the existing Czech AML Act.
In general terms, the newly introduced measures expand the current AML regulation in some areas, such as extending the list of obligated entities and politically exposed persons (PEPs) to include additional subjects. New rules, thresholds, and obligations are also introduced. A notable change is the establishment of an EU-wide maximum limit for cash payments by persons trading in goods or service providers, set at €10,000. These changes to thresholds also apply to occasional transactions, where identification and verification of the client and the ultimate beneficial owner will be required for transactions starting at €3,000. The European Commission will now identify "high-risk third countries," i.e., countries with significant strategic deficiencies in their national anti-money laundering regimes.
Another piece of legislation from the AML package is AMLD6, which sets out AML/CFT rules applicable to EU Member States, effective as of July 10, 2024. AMLD6 addresses institutional-level issues such as the powers and responsibilities of Financial Intelligence Units (FIUs), the powers of supervisory authorities, the strengthening of their mutual cooperation, central account registries, and registers of beneficial owners, among others.. Norma AMLD6 řeší na institucionální úrovni například pravomoci a odpovědnosti finančních zpravodajských jednotek – FIUs, pravomoci dohledových orgánů a posílení jejich vzájemné spolupráce, centrální evidenci účtů, evidenci skutečných majitelů atd.
Significant changes concern the information recorded in the Ultimate Beneficial Owners Register. AMLD6 incorporates obligations to make data on beneficial owners of legal entities and legal arrangements accessible to all authorities exercising powers in the AML/CFT field and FIUs (with immediate, direct, and free access). So called obligated entities will also have access to the extent necessary for conducting enhanced customer identification and due diligence. Access shall also be granted to other (third) persons demonstrating a legitimate interest. Another material change is the expansion of the register to include information about beneficial owners of legal entities registered outside the EU, which establish business relationships with obligated entities or acquire real estate in EU Member States. The creation of a real estate register shall also enable the identification of all properties, and the physical or legal persons or legal arrangements that own such properties, as well as providing information that will allow the identification and analysis of real estate transactions. The transposition deadline for implementing these rules into national legislation is set for July 27, 2027.
The final piece of legislation mentioned is AMLAR, which establishes the EU Anti-Money Laundering Authority (AMLA). AMLA will oversee the enforcement of AML/CFT obligations by obligated entities (including direct supervision of certain selected entities), host the FIU.net platform for information exchange between European FIUs, coordinate cooperation among FIUs, and draft proposals for regulatory technical standards in the AML/CFT field, alongside national supervisory authorities.