Anti-Money Laundering and Sanctions Insights

The regulation of anti-money laundering and sanctions is constantly evolving. The sheer number of regulatory requirements and the pace at which they are issued, puts continued strain on institutions’ processes, resources, and people. To retain their license to operate, regulated entities must identify and respond to regulatory change on an ongoing basis.

Our expert group on anti-money laundering and sanctions provides current and topical information on upcoming changes and summarises their impact on regulated entities in Ireland.

Niclas-Andreas Mueller

Director, KPMG AMLA Office

KPMG in Ireland

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The EU Anti-Money Laundering Package

In May 2024, the European Union adopted a far-reaching reform of the regulations for combating money laundering and terrorist financing.

The Anti-Money Laundering Regulation replaces the current framework of directives to ensure a consistent implementation of rules across Member States. Designated persons must comply with the requirements under the Single European Rulebook by July 10, 2027.

The reform package also establishes an EU-level supervisory body, the Anti-Money Laundering Authority (AMLA). The Authority will directly supervise selected financial institutions, coordinate the work of national competent authorities and financial intelligence units, and issue guidelines to specify the requirements under the Single European Rulebook.

The Regulation further brings the obligation to mitigate risks resulting from the non-implementation or circumvention of targeted financial sanctions into scope of anti-money laundering. In a fast-paced and constantly changing geopolitical environment, institutions must quickly respond to new restrictive measures and comply with regulatory guidelines to ensure their effective implementation.

AMLA Readiness Assessment

Preparing for the regulatory tidal wave

Download AMLA Readiness Assessment

How can KPMG help?

We support regulated entities to respond to regulatory change across all three lines of defence by:

Planning & Design
- Conducting gap and impact assessments to identify and prioritise relevant changes
- Benchmarking their approach against peers to identify best practices
- Drafting a high-level roadmap to direct the change programme
- Re-designing the business risk assessment to ensure adequate risk coverage
- Uplifting policies, procedures, and controls to comply with new rules
Data & Technology
- Implementing or upgrading systems and tools to improve functionality
- Automating processes and controls to free up scarce human capital
- Introducing artificial intelligence models to improve threat detection
- Improving data models and controls to allow for timely and actionable reporting
- Analysing customer and transactional data to capture new risk patterns
Operations & Assurance
- Training board, senior management, and staff to improve risk awareness
- Seconding seasoned experts to help manage the transition
- Servicing your operations function to benefit from best-in-class tools and practices
- Providing assurance on your compliance with the new requirements

The KPMG AMLA Office

The KPMG AMLA Office is the leading centre of expertise on AMLA supervisory policy and practice. Our team brings together the collective knowledge and experience of KPMG’s international network of professionals to help financial institutions and corporate clients to navigate the evolving landscape of anti-money laundering regulation and practices.

Subscribe to our AMLA Office Insights to stay informed on AMLA’s mandate, priorities and publications and learn what this means for your organisation.