New AML/CFT Regulation: Expanding the Scope of Compliance

As part of our ongoing commitment to keeping you informed about critical regulatory changes, we want to highlight the upcoming amendments to the Anti-Money Laundering Regulation (AMLR), set to take effect on 10th July 2027.

These changes will significantly expand the scope of entities subject to AML/CFT regulation and supervision.

Who Will Be Affected?

The new regulations will bring several new categories of businesses under the AML/CFT compliance umbrella:

• Traders in Precious Metals and Stones: Individuals and businesses dealing in these high-value items as a regular or principal professional activity.
• Traders in High-Value Goods: Those engaged in the trade of luxury items.
• Crowdfunding Service Providers and Intermediaries: Platforms and individuals facilitating crowdfunding activities.
• Cultural Goods Traders and Intermediaries: Including art galleries and auction houses, for transactions of at least EUR 10,000.
• Credit Intermediaries: For mortgage and consumer credits, excluding those operating under the responsibility of creditors or other intermediaries.
• Investment Migration Operators: Entities offering services to third-country nationals seeking residence rights in exchange for investments.
• Non-Financial Mixed Activity Holding Companies: Companies involved in both financial and non-financial activities.
• Football Agents and Professional Football Clubs: Applicable from 10th July 2029, covering transactions with investors, sponsors, agents, and player transfers.

Why This Matters

These changes are part of a broader effort to enhance the integrity of the financial system and prevent illicit activities. By expanding the range of obliged entities, the regulations aim to close gaps and ensure a more comprehensive approach to combating money laundering and terrorist financing.

How ARQ Group Can Help

Navigating these regulatory changes can be complex, but ARQ Group can readily assist in this matter. Our AML and Risk Manager, Malcolm Wallbank, brings a wealth of expertise in regulatory compliance and risk management. Our team of experts is ready to help your business understand and comply with the new AML/CFT requirements. We offer tailored solutions to ensure you stay ahead of the curve and maintain compliance.

For any further information or assistance on AML risk related matters, please do not hesitate to contact us on [email protected].