{"attribution":{"source":"legal.exploreworldai.com","canonical":"https://legal.exploreworldai.com/api/public/v1/compliance","cite_as":"NovaCopilot, legal.exploreworldai.com (https://legal.exploreworldai.com/api/public/v1/compliance)","license":"https://legal.exploreworldai.com/revision","version":"legal-2026-10-25","fingerprint":"ewai:eu:6e378d","proof":"sha256:a2fe48c510540d5b9377c164a9be813da1f7a89d97077de8e5d1fc9bc0619e96","jurisdiction":"eu","lang":"en","publisher":"NovaCopilot by ExploreWorld Legal","terms":"https://legal.exploreworldai.com/om"},"brand_source":"Source: NovaCopilot","item":{"schema_version":"1.0.0","id":"compliance:amlr:obliged-entity","act":{"id":"amlr","slug":"penningtvatt-2024-1624","celex":"32024R1624","name":"Anti-Money Laundering Regulation: Regulation (EU) 2024/1624","official_source":"https://eur-lex.europa.eu/eli/reg/2024/1624/oj","consolidated":null,"in_force":"2024-07-09","applies":"2027-07-10","applies_kind":"application"},"role":"obliged-entity","obligations":[{"article":"9","title":"Scope of internal policies, procedures and controls","duty":"Have internal policies, procedures and controls to mitigate money laundering and terrorist financing risks.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-9","obligation_id":"obligation:eu:amlr-art-9-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-9-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 9","title":"Scope of internal policies, procedures and controls","paragraphs":["1. 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 and in particular to:","(a) mitigate and manage effectively the risks of money laundering and terrorist financing identified at the level of the Union, the Member State and the obliged entity;","(b) in addition to the obligation to apply targeted financial sanctions, mitigate and manage the risks of non-implementation and evasion of targeted financial sanctions.","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 and shall cover all the activities of the obliged entity that fall under the scope of this Regulation.","2. The policies, procedures and controls referred to in paragraph 1 shall include:","(a) internal policies and procedures, including in particular:","(i) the carrying out and updating of the business-wide risk assessment;","(ii) the obliged entity’s risk management framework;","(iii)"],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_9","read_at":"2026-08-22","sha256":"4ff3ec2f72e15f599c30871089cecbeac556f21b13d01d5525a1fe36c8350c4d","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. Citera aldrig utdraget som hela artikeln."}},{"article":"10","title":"Business-wide risk assessment","duty":"Carry out and keep up to date a business-wide risk assessment.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-10","obligation_id":"obligation:eu:amlr-art-10-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-10-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 10","title":"Business-wide risk assessment","paragraphs":["1. 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, taking into account at least:","(a) the risk variables set out in Annex I and the risk factors set out in Annexes II and III;","(b) the findings of the risk assessment at Union level conducted by the Commission pursuant to Article 7 of Directive (EU) 2024/1640;","(c) the findings of the national risk assessments carried out by the Member States pursuant to Article 8 of Directive (EU) 2024/1640, as well as of any relevant sector-specific risk assessment carried out by the Member States;","(d) relevant information published by international standard setters in the AML/CFT area or, at the level of the Union, relevant publications by the Commission or by AMLA;","(e) information on money laundering and terrorist financing risks provided by competent authorities;","(f) information on the customer base.","Prior to the launch of new products, services or business practices, including the use of new delivery channels and new or developing technologies, in conjunction with new or pre-existing products and services or before starting to provide an existing service or product to a new customer segment or …"],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_10","read_at":"2026-08-22","sha256":"2c8a11fe83adc615789d94f4a9e272b796fda107bd50038df3b039b131204c63","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. Citera aldrig utdraget som hela artikeln."}},{"article":"11","title":"Compliance functions","duty":"Appoint a member of the management body responsible for compliance and a compliance officer.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-11","obligation_id":"obligation:eu:amlr-art-11-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-11-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 11","title":"Compliance functions","paragraphs":["1. Obliged entities shall appoint one member of the management body in its management function who shall be responsible for ensuring compliance with this Regulation, Regulation (EU) 2023/1113 and any administrative act issued by any supervisor (‘compliance manager’).","The compliance manager shall ensure that the obliged entity’s internal policies, procedures and controls are consistent with the obliged entity’s risk exposure and that they are implemented. The compliance manager shall also ensure that sufficient human and material resources are allocated to that end. The compliance manager shall be responsible for receiving information on significant or material weaknesses in such policies, procedures and controls.","Where the management body in its management function is a body collectively responsible for its decisions, the compliance manager shall be responsible for assisting and advising it and for preparing the decisions referred to in this Article.","2. Obliged entities shall have a compliance officer, to be appointed by the management body in its management function and with sufficiently high hierarchical standing, who shall be responsible for the policies, procedures and controls in the day-to-day operation of the obliged entity’s AML/CFT requ …","In the case of obliged entities subject to checks on their senior management or beneficial owners pursuant to Article 6 of Directive (EU) 2024/1640 or under other Union legal acts, compliance officers shall be subject to verification that they comply with those requirements.","Where justified by the size of the obliged entity and the low risk of its activities, an obliged entity that is part of a group may appoint as its compliance officer an individual who performs that function in another entity within that group.","The compliance officer may only be removed following prior notification to the management body in its management function. The obliged entity shall notify the supervisor of the removal of the compliance officer, specifying whether the decision relates to the carrying out of the tasks assigned under …","3. Obliged entities shall provide the compliance functions with adequate resources, including staff and technology, in proportion to the size, nature and risks of the obliged entity for effective performance of their tasks, and shall ensure that the persons responsible for those functions are granted the powers to propose any measures necessary to ensure the effectiveness of the obliged entity’s internal policies, procedures and controls.","4. Obliged entities shall take measures to ensure that the compliance officer is protected against retaliation, discrimination and any other unfair treatment, and that decisions of the compliance officer are not undermined or unduly influenced by commercial interests of the obliged entity.","5. Obliged entities shall ensure that the compliance officer and the person responsible for the audit function referred to in Article 9(2), point (b), can report directly to the management body in its management function and, where such a body exists, to the management body in its supervisory function independently, and can raise concerns and warn the management body, where specific risk developments affect or may affect the obliged entity.","Obliged entities shall ensure that the persons directly or indirectly participating in implementation of this Regulation, Regulation (EU) 2023/1113 and any administrative act issued by any supervisor, have access to all information and data necessary to perform their tasks.","6. The compliance manager shall regularly report on the implementation of the obliged entity’s internal policies, procedures and controls to the management body. In particular, the compliance manager shall submit once a year, or, where appropriate, more frequently, to the management body a report on …","7. Where the nature of the business of the obliged entity, including its risks and complexity, and its size justify it, the functions of the compliance manager and the compliance officer may be performed by the same natural person. Those functions may be cumulated with other functions.","Where the obliged entity is a natural person or a legal person whose activities are performed by one natural person only, that person shall be responsible for performing the tasks under this Article."],"truncated":false,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_11","read_at":"2026-08-22","sha256":"d53418fe6471c490b888e97ae9b9aac289da229954fe36c7aaefece554f10ddf","complete":true,"completeness_note":"Hela artikeln, ordagrant."}},{"article":"20","title":"Customer due diligence measures","duty":"Apply customer due diligence measures, including identification of the customer and beneficial owner.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-20","obligation_id":"obligation:eu:amlr-art-20-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-20-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 20","title":"Customer due diligence measures","paragraphs":["1. 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 so that the obliged entity is satisfied that it knows who the beneficial owner is and that it understands the ownership and control structure of the customer;","(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, and, in the case of a customer or party to a legal arrangement who is a legal entity, whether natural or legal persons subject to targeted financial sanctions control the legal entity or have more than 50 % of the proprietary rights of that legal entity or majority interest in it, whether individually or collectively;","(e) assessing and, as appropriate, obtaining information on the nature of the customers’ business, including, in the case of undertakings, whether they carry out activities, or of their employment or occupation;","(f) conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of the business relationship to ensure that the transactions being conducted are consistent with the obliged entity’s knowledge of the customer, the business and risk profile, including where necessary the source of funds;","(g)"],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_20","read_at":"2026-08-22","sha256":"7bd0ac28ac3182e46dc5c9bf2cf15e7791d0ddc5aee365734001e3aa8b557756","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. Citera aldrig utdraget som hela artikeln."}},{"article":"34","title":"Scope of application of enhanced due diligence measures","duty":"Apply enhanced due diligence measures in higher-risk situations.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-34","obligation_id":"obligation:eu:amlr-art-34-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-34-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 34","title":"Scope of application of enhanced due diligence measures","paragraphs":["1. In the cases referred to in Articles 29, 30, 31 and 36 to 46, as well as in other cases of higher risk that are identified by obliged entities pursuant to Article 20(2), second subparagraph, obliged entities shall apply enhanced due diligence measures to manage and mitigate such risks appropriately.","2. Obliged entities shall examine the origin and destination of funds involved in, and the purpose of, all transactions that fulfil at least one of the following conditions:","(a) the transaction is of a complex nature;","(b) the transaction is unusually large;","(c) the transaction is conducted in an unusual pattern;","(d) the transaction does not have an apparent economic or lawful purpose.","3. With the exception of the cases covered by Section 2 of this Chapter, when assessing the risks of money laundering and terrorist financing posed by a business relationship or occasional transaction, obliged entities shall take into account at least the factors of potential higher risk set out in …","4. With the exception of the cases covered by Section 2 of this Chapter, in cases of higher risk as referred to in paragraph 1 of this Article, obliged entities shall apply enhanced due diligence measures, proportionate to the higher risks identified, which may include the following measures:","(a) obtaining additional information on the customer and the beneficial owners;"],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_34","read_at":"2026-08-22","sha256":"dcb6537113aaebd38f98fba819ff93c6ea55286a57360b301aa1ae6c768b7488","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. Citera aldrig utdraget som hela artikeln."}},{"article":"69","title":"Reporting of suspicions","duty":"Report suspicions to the financial intelligence unit.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-69","obligation_id":"obligation:eu:amlr-art-69-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-69-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 69","title":"Reporting of suspicions","paragraphs":["1. 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 and by responding to requests by the FIU for additional information in such cases;","(b) providing the FIU, at its request, with all necessary information, including information on transaction records, within the deadlines imposed.","All suspicious transactions, including attempted transactions and suspicions arising from the inability to conduct customer due diligence shall be reported in accordance with the first subparagraph.","For the purposes of the first subparagraph, obliged entities shall reply to requests for information by the FIU within 5 working days. In justified and urgent cases, FIUs may shorten that deadline, including to less than 24 hours.","By way of derogation from the third subparagraph, the FIU may extend the deadline for a response beyond the 5 working days where it considers it justified and provided that the extension does not undermine the FIU’s analysis.","2. For the purposes of paragraph 1, obliged entities shall assess transactions or activities carried out by their customers on the basis of and against any relevant fact and information known to them or which they are in possession of. Where necessary, obliged entities shall prioritise their assessment taking into consideration the urgency of the transaction or activity and the risks affecting the Member State in which they are established.","A suspicion pursuant to paragraph 1, point (a), shall be based on the characteristics of the customer and their counterparts, the size and nature of the transaction or activity or the methods and patterns thereof, the link between several transactions or activities, the origin, destination or use of …","3. By 10 July 2026, AMLA shall develop draft implementing technical standards and submit them to the Commission for adoption. Those draft implementing technical standards shall specify the format to be used for the reporting of suspicions pursuant to paragraph 1, point (a), and for the provision of transaction records pursuant to paragraph 1, point (b).","4. Power is conferred on the Commission to adopt the implementing technical standards referred to in paragraph 3 of this Article in accordance with Article 53 of Regulation (EU) 2024/1620.","5. By 10 July 2027, AMLA shall issue guidelines on indicators of suspicious activity or behaviours. Those guidelines shall be periodically updated.","6. The compliance officer appointed in accordance with Article 11(2) shall transmit the information referred to in paragraph 1 of this Article to the FIU of the Member State in whose territory the obliged entity transmitting the information is established."],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_69","read_at":"2026-08-22","sha256":"49741fb33a8776dae5cc4d0c260f07f2f538d1c2bf2cb01652dd99c9b886fb3c","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. Citera aldrig utdraget som hela artikeln."}},{"article":"77","title":"Record retention","duty":"Retain customer due diligence records and transaction evidence for five years.","page":"https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-77","obligation_id":"obligation:eu:amlr-art-77-obliged-entity","obligation_object":"https://legal.exploreworldai.com/api/public/v1/obj/obligation/eu:amlr-art-77-obliged-entity","duty_kind":"summary","source_text":{"content_kind":"official_text","lang":"en","label":"Article 77","title":"Record retention","paragraphs":["1. Obliged entities shall retain the following documents and information:","(a) a copy of the documents and information obtained in the performance of customer due diligence pursuant to Chapter III, including information obtained through electronic identification means;","(b) a record of the assessment undertaken pursuant to Article 69(2), including the information and circumstances considered and the results of such assessment, whether or not such assessment results in a suspicious transaction report being made to the FIU, and a copy of the suspicion transaction report, if any;","(c) the supporting evidence and records of transactions, consisting of the original documents or copies admissible in judicial proceedings under the applicable national law, which are necessary to identify transactions;","(d) when they participate in partnerships for information sharing pursuant to Chapter VI, copies of the documents and information obtained in the framework of those partnerships, and records of all instances of information sharing.","Obliged entities shall ensure that documents, information and records kept pursuant to this Article are not redacted.","2. By way of derogation from paragraph 1, obliged entities may decide to replace the retention of copies of the information by a retention of the references to such information, provided that the nature and method of retention of such information ensure that the obliged entities can provide immediately to competent authorities the information and that the information cannot be modified or altered.","Obliged entities making use of the derogation referred to in the first subparagraph shall define in their internal procedures drawn up pursuant to Article 9, the categories of information for which they will retain a reference instead of a copy or original, as well as the procedures for retrieving the information so that it can be provided to competent authorities upon request.","3. The information referred to in paragraphs 1 and 2 shall be retained for a period of 5 years commencing on the date of the termination of the business relationship or on the date of the carrying out of the occasional transaction, or on the date of refusal to enter into a business relationship or c …","Competent authorities may require further retention of the information referred to in the first subparagraph on a case-by-case basis, provided that such retention is necessary for the prevention, detection, investigation or prosecution of money laundering or terrorist financing. That further retention period shall not exceed 5 years."],"truncated":true,"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX%3A32024R1624#art_77","read_at":"2026-08-22","sha256":"dd0c24048ad1118b1a212029b6278ad464ebdc8f207fa578153f558390211204","complete":false,"completeness_note":"Utdraget omfattar artikelns första stycken, ordagrant. Resten av artikeln finns på official_url. 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