The new Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, which will be fully enforced by July 2027, is among the EU’s most ambitious initiatives to date in combating financial crime and increasing transparency within the financial system.
Adopted by the European Council and published in the EU’s Official Journal on June 19, 2024, the package introduces a unified set of rules through four key legislative acts: the AML Regulation (AMLR), the sixth Anti-Money Laundering Directive (AMLD6), the regulation establishing the new European Anti-Money Laundering Authority (AMLA), and the revised Transfer of Funds Regulation (TFR).
Banks across Europe are expected to adjust to this new framework, but financial institutions in Greece have already begun overhauling their internal systems to meet the stricter requirements. These efforts include updating compliance policies, embedding risk-based approaches across operations, and aligning with enhanced transparency rules—particularly around identifying and verifying beneficial ownership.
The AMLA, a newly created EU-level supervisory body, is expected to play a central role in coordinating oversight efforts. It will have direct supervisory authority over certain high-risk entities while working with national regulators to ensure consistent enforcement across member states.
Greek banks are also preparing for the technological and procedural changes required by the revised Transfer of Funds Regulation, which came into force on December 30, 2024. Notably, the updated regulation expands its scope to include cryptocurrency transactions, signaling the EU’s intent to bring digital assets within the fold of traditional financial regulation.
