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Regulation (EU) 2024/1624 of the European Parliament and of the Council of 31 May 2024 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Text with EEA relevance) (AML Regulation (AMLR))RecitalsChapter I General provisions (arts. 1-8)Section 1 Subject matter and definitions (arts. 1-2)Article 1 Subject matterArticle 2 DefinitionsSection 2 Scope (arts. 3-7)Article 3 Obliged entitiesArticle 4 Exemptions for certain providers of gambling servicesArticle 5 Exemptions for certain professional football clubsArticle 6 Exemptions for certain financial activitiesArticle 7 Prior notification of exemptionsSection 3 Cross-border operations (art. 8)Article 8 Notification of cross-border operations and application of national lawChapter II Internal policies, procedures and controls of obliged entities (arts. 9-18)Section 1 Internal policies, procedures and controls, risk assessment and staff (arts. 9-15)Article 9 Scope of internal policies, procedures and controlsArticle 10 Business-wide risk assessmentArticle 11 Compliance functionsArticle 12 Awareness of requirementsArticle 13 Integrity of employeesArticle 14 Reporting of breaches and protection of reporting personsArticle 15 Situation of specific employeesSection 2 Provisions applying to groups (arts. 16-17)Article 16 Group-wide requirementsArticle 17 Branches and subsidiaries in third countriesSection 3 Outsourcing (art. 18)Article 18 OutsourcingChapter III Customer Due Diligence (arts. 19-50)Section 1 General provisions (arts. 19-28)Article 19 Application of customer due diligence measuresArticle 20 Customer due diligence measuresArticle 21 Inability to comply with the requirement to apply customer due diligence measuresArticle 22 Identification and verification of the identity of customers and beneficial ownersArticle 23 Timing of the verification of the customer and beneficial owner identityArticle 24 Reporting of discrepancies with information contained in beneficial ownership registersArticle 25 Identification of the purpose and intended nature of a business relationship or occasional transactionArticle 26 Ongoing monitoring of the business relationship and monitoring of transactions performed by customersArticle 27 Temporary measures for customers subject to UN financial sanctionsArticle 28 Regulatory technical standards on the information necessary for the performance of customer due diligenceSection 2 Third-country policy and money laundering and terrorist financing threats from outside the Union (arts. 29-32)Article 29 Identification of third countries with significant strategic deficiencies in their national AML/CFT regimesArticle 30 Identification of third countries with compliance weaknesses in their national AML/CFT regimesArticle 31 Identification of third countries posing a specific and serious threat to the Union's financial systemArticle 32 Guidelines on money laundering and terrorist financing risks, trends and methodsSection 3 Simplified due diligence (art. 33)Article 33 Simplified due diligence measuresSection 4 Enhanced due diligence (arts. 34-46)Article 34 Scope of application of enhanced due diligence measuresArticle 35 Countermeasures to mitigate money laundering and terrorist financing threats from outside the UnionArticle 36 Specific enhanced due diligence measures for cross-border correspondent relationshipsArticle 37 Specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providersArticle 38 Specific measures for individual third-country respondent institutionsArticle 39 Prohibition of correspondent relationships with shell institutionsArticle 40 Measures to mitigate risks in relation to transactions with a self-hosted addressArticle 41 Specific provisions regarding applicants for residence by investment schemesArticle 42 Specific provisions regarding politically exposed personsArticle 43 List of prominent public functionsArticle 44 Politically exposed persons who are beneficiaries of insurance policiesArticle 45 Measures for persons who cease to be politically exposed personsArticle 46 Family members and persons known to be close associates of politically exposed personsSection 5 Specific customer due diligence provisions (art. 47)Article 47 Specifications for the life and other investment-related insurance sectorSection 6 Reliance on customer due diligence performed by other obliged entities (arts. 48-50)Article 48 General provisions relating to reliance on other obliged entitiesArticle 49 Process of reliance on another obliged entityArticle 50 Guidelines on reliance on other obliged entitiesChapter IV Beneficial ownership transparency (arts. 51-68)Article 51 Identification of beneficial owners for legal entitiesArticle 52 Beneficial ownership through ownership interestArticle 53 Beneficial ownership through controlArticle 54 Coexistence of ownership interest and control in the ownership structureArticle 55 Ownership structures involving legal arrangements or similar legal entitiesArticle 56 NotificationsArticle 57 Identification of beneficial owners for legal entities similar to express trustArticle 58 Identification of beneficial owners for express trusts and similar legal arrangementsArticle 59 Identification of a class of beneficiariesArticle 60 Identification of objects of a power and default takers in discretionary trustsArticle 61 Identification of beneficial owners of collective investment undertakingsArticle 62 Beneficial ownership informationArticle 63 Obligations of legal entitiesArticle 64 Trustee obligationsArticle 65 Exceptions to obligations of legal entities and legal arrangementsArticle 66 Nominee obligationsArticle 67 Foreign legal entities and foreign legal arrangementsArticle 68 PenaltiesChapter V Reporting Obligations (arts. 69-74)Article 69 Reporting of suspicionsArticle 70 Specific provisions for reporting of suspicions by certain categories of obliged entitiesArticle 71 Refraining from carrying out transactionsArticle 72 Disclosure to FIUArticle 73 Prohibition of disclosureArticle 74 Threshold-based reports of transactions in certain high-value goodsChapter VI Information sharing (art. 75)Article 75 Exchange of information in the framework of partnerships for information sharingChapter VII Data Protection and Record Retention (arts. 76-78)Article 76 Processing of personal dataArticle 77 Record retentionArticle 78 Provision of records to competent authoritiesChapter VIII Measures to mitigate Risks deriving from anonymous Instruments (arts. 79-80)Article 79 Anonymous accounts and bearer shares and bearer share warrantsArticle 80 Limits to large cash payments in exchange for goods or servicesChapter IX final Provisions (arts. 81-90)Section 1 Cooperation between FIUs and the EPPO (arts. 81-82)Article 81 Cooperation between FIUs and the EPPOArticle 82 Requests for information to the EPPOSection 2 Cooperation between FIUs and OLAF (arts. 83-84)Article 83 Cooperation between FIUs and OLAFArticle 84 Requests for information to OLAFSection 3 Other provisions (arts. 85-90)Article 85 Exercise of the delegationArticle 86 Committee procedureArticle 87 ReviewArticle 88 ReportsArticle 89 Relation to Directive (EU) 2015/849Article 90 Entry into force and applicationAnnex I Indicative list of risk variablesAnnex II Lower risk factorsAnnex III Higher risk factorsAnnex IVAnnex VAnnex VI Correlation tableDone at
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AI Summary of Article 38 Specific measures for individual third-country respondent institutions

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Version status: Entered into force | Document consolidation status: No known changes
Version date: 9 July 2024 - 9 July 2027
Version 2 of 3

Article 38 Specific measures for individual third-country respondent institutions

1. Credit institutions and financial institutions shall apply the measures laid down in paragraph 6 of this Article in relation to third-country respondent institutions with which they have a correspondent relationship pursuant to Articles 36 or 37 and in respect of which AMLA issues a recommendation pursuant to paragraph 2 of this Article.

2. AMLA shall issue a recommendation addressed to credit institutions and financial institutions where there are concerns that respondent institutions in third countries fall into any of the following situations:

(a) they are in serious, repeated or systematic breach of AML/CFT requirements;

(b) they have weaknesses in their internal policies, procedures and controls that are likely to result in serious, repeated or systematic breaches of AML/CFT requirements;

(c) they have in place internal policies, procedures and controls that are not commensurate with the risks of money laundering, its predicate offences and terrorist financing to which the third-country respondent institution is exposed.

3. The recommendation referred to in paragraph 2 shall be issued where all of the following conditions are met:

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