EU AMLA launches suite of consultation papers on draft RTS under EU AML package

The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has published three consultation papers on the following draft regulatory technical standards (RTS) under the EU AML package (for more background, you may like to read our article "The AML revolution: Are you ready?"):

• Draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments under Article 53(10) of Directive (EU) 2024/1640 (AMLD 6). The RTS specify the indicators to assess the gravity of breaches, criteria for determining the level of pecuniary sanctions or applying administrative measures, and a methodology for the imposition of periodic penalty payments, including their frequency. They aim to ensure that the same breach is assessed in the same way by all supervisors in all Member States, and that the resulting enforcement measures are proportionate, effective and dissuasive. The deadline for comments is 9 March.
• Draft RTS on customer due diligence (CDD) under Article 28(1) of Regulation (EU) 2024/1624 (AMLR) specifying in detail how CDD requirements should be applied, including the information and documents to be collected. The deadline for comments is 8 May.
• Draft RTS on criteria for identifying business relationships, occasional transactions and linked transactions as well as lower thresholds under Article 19(9) of the AMLR, which form the structural basis upon which CDD obligations apply. The criteria in the draft RTS apply to all financial and non-financial obliged entities with some parts which apply universally, while other parts are tailored to specific categories of obliged entities. The AMLA states that public input on these RTS is particularly important to ensure the criteria are effective. It also had the option under the AMLR to set additional, lower CDD thresholds for occasional transactions, which it has chosen not to exercise. The deadline for comments is 8 May.

An online public hearing on the draft RTS on business relationships and customer due diligence is scheduled for 24 March.

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