According to the current schedule, the new European Anti-Money Laundering Regulation (AMLR) will come into force on July 10, 2027.
That may seem a long way off, but for organizations dealing with CDD, risk assessments, and monitoring, now is the time to take action. The AMLR changes the rules of the game. In this blog, you can read about what to expect and how you can prepare now.
From open standards to strict requirements
The AMLR supplements the existing AML and will replace or tighten certain parts of it. Soon, you will not only have to know who your customer is, but also be able to substantiate this with documentation. Think of:
- Mandatory verification of UBOs (with 25% or more of the shares or voting rights or another ownership interest) with supporting documents
- Mandatory sanctions screening
- Risk-based customer due diligence
- Extensive monitoring, including of existing customers
- Strict requirements for data quality and recording
- And more! Read the full AMLR regulation here!
For compliance managers, this means that existing processes will have to be redesigned. The bar has been raised, and there is less room for interpretation.
Outsourcing becomes possible and attractive
You have the option of outsourcing client due diligence. This offers opportunities for organizations that want to reduce their internal pressure. Please note: the responsibility remains with you. Choosing reliable partners and technology is therefore crucial.
What can you do now?
Although the AMLR will not come into effect until 2027, waiting is not an option. You can already start today by:
- Assessing your current processes against the new requirements
- Investing in scalable, integratable technology
- Preparing your employees for the changes
- Working with partners who can help you remain compliant
SCOPE can help you become AML compliant!
Would you like to know how SCOPE FinTech Solutions can support you in this? Please contact us or discover the possibilities of our CDD API and Compliance Management Portal.
