EU regulatory register · AMLR
Article 59Identification of a class of beneficiaries
CELEX 32024R1624 · Read on 2026-08-22
Short answer
1. In the case of legal entities similar to express trusts under Article 57 or, with the exception of discretionary trusts, express trusts and similar legal arrangements under Article 58, where beneficiaries have yet to be determined, the class of beneficiaries and its general characteristics shall be identified.
Verbatim from the article. Source: NovaCopilot · https://legal.exploreworldai.com/eu/rattsakter/penningtvatt-2024-1624/artikel-59 · Short answer as data · Official text
Anti-money laundering (AMLR) in short
Obliged entities must know their customers, identify beneficial owners and report suspicious transactions. Cash over EUR 10,000 is banned.
- Who is a beneficial owner?
- When must a suspicious transaction be reported?
- Does the EUR 10,000 cash limit apply to everyone?
Source: NovaCopilot
Official text
Read from the EU Publications Office for this CELEX number. The wording stands as published; nothing here is rewritten or summarised.
1. In the case of legal entities similar to express trusts under Article 57 or, with the exception of discretionary trusts, express trusts and similar legal arrangements under Article 58, where beneficiaries have yet to be determined, the class of beneficiaries and its general characteristics shall be identified. Beneficiaries within the class shall be beneficial owners as soon as they are identified or designated.
2. In the following cases, only the class of beneficiaries and its characteristics shall be identified:
(a)
pension schemes within the scope of Directive (EU) 2016/2341;
(b)
employee financial ownership or participation schemes, provided that Member States, following an appropriate risk assessment, have concluded a low risk of misuse for money laundering or terrorist financing;
(c)
legal entities similar to express trusts under Article 57, express trusts and similar legal arrangements under Article 58, provided that:
(i)
the legal entity, the express trust or similar legal arrangement is set up for a non-profit or charitable purpose; and
(ii)
following an appropriate risk assessment, Member States have concluded that the category of legal entity, express trust or similar legal arrangement is at a low risk of misuse for money laundering or terrorist financing.
3. Member State shall notify to the Commission the categories of legal entities, express trusts or similar legal arrangements under paragraph 2, together with a justification based on the specific risk assessment. The Commission shall communicate that notification to the other Member States.
Follow-up questions
Judgments of the Court of Justice
1 decisions
- C-671/23Court of Justice of the European Union
M v Lietuvos bankas
Reference for a preliminary ruling – Prevention of the use of the financial system for the purposes of money laundering and terrorist financing – Directive (EU) 2015/849 – Article 59 – Concept of ‘systematic infringement’ – Penalties – National legislation or practice allowing a separate fine to be imposed in respect of each infringement established in the course of one and the same investigation – Compatibility with EU law – Minimum harmonisation – Observance of the general principles of EU law – Effective, proportionate and dissuasive sanctions – Principle ne bis in idem.
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The text is quoted from the official source and is not legal advice. A national court reads the language version that binds in its jurisdiction.
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