‘Continuous monitoring’ obligation on solicitors
This month the Anti-Money Laundering Authority (AMLA) launched another public consultation.
This consultation relates to draft guidelines on ongoing monitoring of a business relationship under article 26(5) of Regulation (EU) 2024/1624.
The deadline for submissions is 3 September.
Ongoing monitoring is a core requirement of the AML Regulation.
Obliged entities, including solicitors, must continuously monitor and review their business relationships to detect any unusual or suspicious transactions or activities.
Obliged entities
AMLA's draft guidelines aim to support obliged entities in implementing their ongoing and transaction monitoring duties.
They set out core principles applicable across both financial and non-financial sectors.
The draft guidelines comprise three parts:
- General principles: applicable to both Guideline 1 and Guideline 2,
- Guideline 1: keeping customer information up to date,
- Guideline 2: transaction and activity monitoring framework.
A public hearing on these draft guidelines is planned for 2 July, from 10am to 12 noon CET.
To register for the public hearing, visit the AMLA website.