On 24 April 2024, the European Parliament issued a press release stating that it had adopted the proposed:

The legislative measures still need to be formally adopted by the Council of the EU. Following this they will be published in the Official Journal of the EU (OJ).

In terms of timing:

  • AML Regulation – The Regulation enters into force on the twentieth day following its publication in the OJ.  It shall apply from 36 months from the date of entry into force, except in relation to obliged entities referred to in Article 3, points (3)(n) and (o), to which it shall apply from 60 months from the date of entry into force.
  • AMLA Regulation – The Regulation enters into force on the seventh day following its publication in the OJ. It shall apply from 1 July 2025. However, Articles 1, 4, 49, 53, 54, 55, 57 to 66, 68 to 71, 100, 101 and 107 shall apply from the date of entry into force of the Regulation, and Article 103 shall apply from 31 December 2025.
  • Sixth Money Laundering Directive – The Directive enters into force on the twentieth day following its publication in the OJ. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with the Directive by 36 months from the date of entry into force. By way of derogation from this requirement, Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with Article 74 by 12 months from the date of entry into force, with Articles 11, 12, 13 and 15 by 24 months from the date of entry into force and with Article18 by 60 months from the date of entry into force. The Fourth Money Laundering Directive is repealed with effect from 36 months from the date of entry into force of the Sixth Money Laundering Directive.

The European Commission (Commission) has also published on its website an update on the above legislative package which includes two sets of FAQs with one set covering the legislative package itself and one set dealing with the new AMLA. Among other things the FAQs on the legislative package contains a section as to when the new rules become effective. It states that the application of the new rules will be progressive. New requirements on the traceability of crypto-assets will apply as of end 2024. AMLA will be set up shortly after formal adoption of the Regulation and will need about one year to be fully operational. Technical standards needed to complete the Regulation and Directive cannot be prepared by AMLA before it exists. The full set of rules, including technical standards, is expected to be in place and apply by mid- 2027. This will give AMLA the necessary time to be up and running and complete the rules. Some novelties require more time for the private sector, Member States and the Commission to implement. Thus, the application of rules by the football sector, the creation of a single access point to real estate information and the interconnection of bank account registers will occur as of 2029.