The fight against money laundering and terrorist financing continues to evolve. With the upcoming implementation of the new AML package, gatekeepers will face important changes.
On 20 January 2025, the Minister of Finance sent a letter to the Dutch Parliament outlining his vision for combating money laundering and terrorist financing. In this letter, he highlighted the increasing regulatory burden on gatekeepers, which, in his view, also has negative consequences for customers, including consumers. At the same time, he argues for strict supervision on actual risks. The Minister briefly touched upon the forthcoming introduction of the new AML package (AMLD6, AMLR, and AMLAR).
The Minister argues that a better balance between the increase of barriers to prevent money laundering on the one hand and changing the risk-averse culture among gatekeepers and adopting proportional measures on the other hand. This vision aligns with a broader trend we noticed.
For instance, in November 2024, the Dutch Central Bank (DNB) launched a consultation paper on SIRA Good Practices with the intention to have a more risk-based approach of laws and regulations. This approach is consistent with how the DNB has handled such matters in the past as mentioned in it’s Q&A Good Practices.
In addressing the above mentioned challenges, the Minister also discussed the new European anti-money laundering rules (AML package) in his letter. The AML package aims to harmonise AML regulations across the European Union.
Will this new AML package bring major changes? In our view, the impact will be there, however it will be manageable. The key changes contain in the details of the new regulations. The Netherlands already has relatively strict laws and supervision compared to other European countries. This will remain the case. The new AML package will clarify certain aspects of our legislation by providing explicit requirements in certain cases. Additionally, the AMLR introduces supplementary obligations compared to the current legislation, and new entities will also fall under the scope of the package. However, the coming years, the AML will provide further clarification and guidances.
A significant regulatory change concerns the threshold for UBOs. Previously, the threshold was set at ‘more than 25%’; this will be adjusted to ‘25% or more’. Additionally, the definition of PEPs will be expanded.
Furthermore, the AMLR stipulates that financial institutions will have to report “suspicious transactions” instead of “unusual transactions.” This legislative change requires a different approach to transaction monitoring. Institutions will also need to conduct customer due diligence in more instances. For example, in the case of a one-off transaction in the amount of EUR 10,000, instead of EUR 15,000, which is the case according to the Wwft.
A part of the AML package has already entered into force. The coming key development this year, is the establishment and launch of the new European supervisory authority, the AMLA (Authority for Anti-Money Laundering and Countering the Financing of Terrorism). The AMLA will publish guidelines on various topics, which are already referenced in the AMLR. In 2027, the AMLR, which will become applicable. It will have an impact on the current Wwft.
For us, it is crucial to closely monitor these developments and analyse the impact for the Dutch market. In the coming period, we will keep you informed via our website and monthly newsletter. You can subscribe to our newsletter here:
If you have any questions in the meantime, please do not hesitate to contact us.
