The European Union’s new Anti Money Laundering Regulation, Regulation (EU) 2024/1624, will apply from 10 July 2027, introducing a more harmonised framework for preventing money laundering and terrorist financing across the EU. EUR Lex

For financial institutions, preparation involves more than updating policies before the application date. The requirements need to be translated into practical controls, reliable data and clearly defined workflows across the organisation.

A key starting point is the quality of existing customer records. Institutions should assess whether customer identification details, beneficial ownership information, risk classifications and due diligence evidence are complete, current and consistently structured. Information may exist within a customer file while still being difficult to validate, retrieve or use effectively across different systems.

Institutions should also review how their customer due diligence, risk assessment and ongoing monitoring processes operate in practice. Each workflow needs clear responsibilities, approval routes and supporting evidence, particularly when information changes or a case requires escalation.

This work requires collaboration between compliance, legal, operations, onboarding, technology and data management teams. A shared understanding of responsibilities helps connect regulatory interpretation with everyday decision making and ensures that each compliance action remains traceable.

Starting early gives institutions time to identify data and process requirements, prioritise areas for remediation and build an operating model that can evolve as further guidance and technical standards are introduced.

At Prognosys Solutions, we believe effective AMLR readiness begins when compliance is embedded into the organisation’s data, systems and operational processes. Strong foundations today can support a more consistent, adaptable and sustainable compliance environment for the regulatory landscape ahead.