Quotes are taken verbatim from the English language version in OJ L, 19.6.2024. Square brackets with an ellipsis mark omitted text.
“This Regulation lays down rules concerning: (a) the measures to be applied by obliged entities to prevent money laundering and terrorist financing; (b) beneficial ownership transparency requirements for legal entities, express trusts and similar legal arrangements; (c) measures to limit the misuse of anonymous instruments.”
The scope of the regulation: measures applied by obliged entities, beneficial ownership transparency and limits on anonymous instruments.
“The following entities are to be considered obliged entities for the purposes of this Regulation: (1) credit institutions; (2) financial institutions; (3) the following natural or legal persons acting in the exercise of their professional activities: (a) auditors, external accountants and tax advisors […]; (b) notaries, lawyers and other independent legal professionals, where they participate […]”
Article 3 sets out an exhaustive list of obliged entities. Points 3(n) and (o) cover football agents and professional football clubs.
“Obliged entities shall have in place internal policies, procedures and controls in order to ensure compliance with this Regulation, Regulation (EU) 2023/1113 and any administrative act issued by any supervisor […] The policies, procedures and controls referred to in the first subparagraph shall be proportionate to the nature of the business, including its risks and complexity, and the size of the obliged entity […]”
A requirement for internal policies and controls, proportionate to the nature, risk, complexity and size of the business.
“Obliged entities shall take appropriate measures, proportionate to the nature of their business, including its risks and complexity, and their size, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non-implementation and evasion of targeted financial sanctions […]”
A business-wide risk assessment, which must take account of Annexes I–III and of risk assessments at Union and national level.
“For the purpose of conducting customer due diligence, obliged entities shall apply all of the following measures: (a) identifying the customer and verifying the customer's identity; (b) identifying the beneficial owners and taking reasonable measures to verify their identity […]; (c) assessing and, as appropriate, obtaining information on and understanding the purpose and intended nature of the business relationship or the occasional transactions; (d) verifying whether the customer or the beneficial owners are subject to targeted financial sanctions […]”
The customer due diligence measures are cumulative — all of them must be applied.
“Beneficial owners of legal entities shall be the natural persons who: (a) have, directly or indirectly, an ownership interest in the corporate entity; or (b) control, directly or indirectly, the corporate or other legal entity, through ownership interest or via other means.”
Under the same article, control via other means must be assessed independently and in parallel with ownership interest.
“Obliged entities, and, where applicable, their directors and employees, shall cooperate fully with the FIU by promptly: (a) reporting to the FIU, on their own initiative, where the obliged entity knows, suspects or has reasonable grounds to suspect that funds or activities, regardless of the amount involved, are the proceeds of criminal activity or are related to terrorist financing or criminal activity […]”
The reporting duty also covers attempted transactions and suspicions arising where customer due diligence cannot be completed.
“Obliged entities and their directors, employees, or persons in comparable positions, including agents and distributors, shall not disclose to the customer concerned or to other third persons the fact that transactions or activities are being or have been assessed in accordance with Article 69 […]”
The tipping-off prohibition. Exceptions appear in paragraphs 2 and 3, including towards competent authorities and within a group.
“Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 000 or the equivalent in national or foreign currency, whether the transaction is carried out in a single operation or in several operations which appear to be linked. […] Member States may adopt lower limits following consultation of the European Central Bank […]”
An EU-wide cash limit of EUR 10 000. Member States may set lower limits and must notify them to the Commission within three months.
“This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from 10 July 2027, except in relation to obliged entities referred to in Article 3, points (3)(n) and (o), to which it shall apply from 10 July 2029.”
Application from 10 July 2027, with 10 July 2029 for football agents and professional football clubs.