{"concept_id":"ALTSS-REG-043","slug":"kyc-aml","canonical_name":"KYC and AML","aliases":[],"kind":"regulation","authority":"regulatory","facets":["REG","OPS"],"domains":["LEGAL-REGULATORY-TAX"],"display_title":"KYC and AML","search_aliases":["kyc aml private funds","what is kyc in private equity","fincen investment adviser aml rule 2028","customer due diligence four elements","eu amlr 2027","kyc vs aml difference"],"one_sentence_definition":"Know-your-customer (KYC) and anti-money-laundering (AML) controls are the procedures by which financial institutions, fund managers and administrators identify investors and their beneficial owners, assess risk, monitor relationships and report suspicion, under laws implementing Financial Action Task Force (FATF) standards.","plain_english":"Before accepting money, a fund must establish who the investor is, who owns or controls it at the end of any chain of entities, where the money comes from, and whether it is sanctioned or politically exposed. That is KYC, also called customer due diligence. AML is the wider programme around it: a risk assessment, ongoing monitoring, record-keeping and reporting of suspicious activity. In private funds, KYC happens at subscription, usually run by the fund administrator.","jurisdiction":"US; EU; UK; INTL","parent_concepts":[],"child_concepts":["source-of-funds","source-of-wealth","politically-exposed-person"],"related_concepts":["beneficial-ownership","sanctions-screening","subscription-agreement","fund-administrator","operational-due-diligence","fatca","common-reporting-standard"],"comparison_concepts":[],"not_the_same_as":[{"slug":"beneficial-ownership","distinction":"Beneficial ownership is one element of KYC: identifying the natural persons who own or control a legal-entity investor."},{"slug":"sanctions-screening","distinction":"Sanctions compliance prohibits dealings with listed persons outright; AML is a risk-based programme of due diligence, monitoring and reporting."},{"slug":"operational-due-diligence","distinction":"Operational due diligence (ODD) is an LP's review of a manager's operations, which includes its AML controls; KYC is the manager's review of its investors."}],"formula_ids":[],"worked_examples":[],"sections":[{"heading":"Jurisdiction and status","paragraphs":["| Layer | Instrument | Status on 1 October 2026 |\n|---|---|---|\n| International | FATF Recommendations, notably R.10 (customer due diligence), R.12 (politically exposed persons), R.24–25 (beneficial ownership) | Living standard, updated periodically; text cited here: edition updated February 2025 |\n| US (banks, broker-dealers and other covered institutions) | Bank Secrecy Act; FinCEN Customer Due Diligence Rule, 31 CFR 1010.230 | Effective 11 July 2016, with compliance required from 11 May 2018; exceptive relief of 13 February 2026; broader AML programme reform proposed 10 April 2026 (pending) |\n| US investment advisers | FinCEN AML/CFT programme and suspicious activity report (SAR) rule for registered investment advisers and exempt reporting advisers | Adopted 2024; effective date postponed to **1 January 2028**; FinCEN will review the rule before then |\n| EU | Anti-Money Laundering Regulation (EU) 2024/1624 (AMLR) and Directive (EU) 2024/1640 (AMLD6) | AMLR applies from **10 July 2027** (from 10 July 2029 for football agents and professional football clubs); AMLD6 transposition generally by 10 July 2027 |\n| UK | Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692): customer due diligence (regs 27-28), enhanced due diligence (reg 33), politically exposed persons (reg 35), simplified due diligence (reg 37); for a body corporate, a beneficial owner includes any individual who owns or controls, directly or indirectly, more than 25% of the shares or voting rights (reg 5) | In force as amended, including by SI 2026/621 (made 9 June 2026), most of which is in force; its regulations 20 and 36(b) apply from 1 February 2027 and part of its regulation 37 from 25 October 2027 |","Until the EU package applies, EU member states apply national laws implementing the existing AML directives. Funds domiciled outside the US and EU apply their own domicile's AML law, which typically implements the FATF standards."]},{"heading":"What customer due diligence involves","paragraphs":["FinCEN describes four core elements of customer due diligence (CDD) under its CDD Rule, which correspond to the CDD measures in FATF Recommendation 10: identify and verify the identity of customers; identify and verify the identity of the [beneficial owners](/glossary/beneficial-ownership) of legal-entity customers; understand the nature and purpose of customer relationships to develop customer risk profiles; and conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update customer information. Under the US rule a legal entity's beneficial owners are each individual owning 25% or more of its equity plus one individual with significant control.","Due diligence is risk-based. Higher-risk relationships receive enhanced due diligence: for foreign [politically exposed persons](/glossary/politically-exposed-person) (PEPs), and for domestic or international-organisation PEPs where the relationship is higher risk, FATF Recommendation 12 provides that financial institutions should be required to obtain senior management approval, take reasonable measures to establish [source of wealth](/glossary/source-of-wealth) and [source of funds](/glossary/source-of-funds), and conduct enhanced ongoing monitoring. [Sanctions screening](/glossary/sanctions-screening) runs alongside but is a separate, prohibition-based regime."]},{"heading":"How it works in private funds","paragraphs":["KYC is built into the [subscription agreement](/glossary/subscription-agreement): investors make AML representations and supply identification, ownership and control information, and the [fund administrator](/glossary/fund-administrator) or the manager screens and verifies them before admission. It recurs on transfers of LP interests, when an investor's ownership or risk profile changes, and on periodic refresh cycles. Distributions are normally paid only to accounts in the investor's own name.","US private fund advisers are not yet subject to a FinCEN AML programme requirement; the rule that would cover them is scheduled to take effect on 1 January 2028, and FinCEN has said it intends to review it before then. In practice many already run AML programmes because their funds are domiciled in jurisdictions with AML laws and because banks and placement agents require it. LPs, for their part, assess a manager's AML controls in [operational due diligence](/glossary/operational-due-diligence)."]},{"heading":"Recent and pending changes","paragraphs":["- **13 February 2026:** FinCEN exceptive relief removed the requirement to re-identify a legal-entity customer's beneficial owners at each new account; identification is needed at first account opening, when information is called into question, and as risk-based monitoring requires.\n- **10 April 2026:** FinCEN proposed a broader AML/CFT programme reform; pending.\n- **1 January 2028:** new effective date of the investment adviser AML rule (postponed from 1 January 2026).\n- **10 July 2027:** EU AMLR applies to most obliged entities, with a single EU rulebook, including a 25%-or-more ownership test for beneficial owners."]},{"heading":"Legal definition and market usage","paragraphs":["Legally, AML obligations attach to defined \"obliged entities\" or \"financial institutions\" under each regime. In market usage \"KYC\" is applied to any onboarding check, including credit checks and the suitability or appropriateness assessments of investment-services law, which serve investor protection rather than AML. \"Reverse KYC\" describes an LP's checks on a manager. Neither usage changes who is legally obliged."]}],"classification_rules":[],"calculation_rules":[],"common_mistakes":["Stating that US private fund advisers are already subject to FinCEN's investment adviser AML rule. Its effective date is 1 January 2028.","Treating an entity as an investor's ultimate beneficial owner. Beneficial owners are natural persons.","Saying every US limited liability company (LLC) must file beneficial ownership reports with FinCEN. US-created entities are exempt since March 2025.","Treating politically exposed person (PEP) status as a prohibition. It triggers enhanced due diligence.","Equating KYC with suitability assessment under investment-services rules."],"edge_cases":["Investors who subscribe through a feeder or platform are often onboarded by the intermediary; whether and how far the fund may rely on the intermediary's checks depends on the reliance provisions of the AML law that applies to the fund.","A legal-entity customer with no 25% owner still has a control person who must be identified under the US CDD rule, unless it falls in one of the rule's excluded categories, such as regulated financial institutions, SEC-registered investment advisers and SEC-reporting issuers."],"external_standard_mappings":[],"source_ids":["SRC-EU-AMLD6-2024-1640","SRC-EU-AMLR-2024-1624","SRC-FATF-RECOMMENDATIONS","SRC-INTL-FATF-REC-2025-02","SRC-UK-LEG-SI-2017-692","SRC-UK-LEG-SI-2026-621","SRC-US-ECFR-31-1010-230","SRC-US-ECFR-31-1010-380","SRC-US-FINCEN-BOI-PAGE","SRC-US-FINCEN-CDD-FAQ-2026","SRC-US-FINCEN-CDD-FINAL-RULE-PAGE","SRC-US-FINCEN-CDD-RELIEF-2026","SRC-US-FINCEN-PR-IA-AML-DELAY","SRC-US-FR-2016-10567","SRC-US-FR-2024-19260","SRC-US-FR-2025-05199","SRC-US-FR-2025-24184","SRC-US-FR-2026-07033","SRC-US-FR-2026-16576"],"citations":[{"source_id":"SRC-FATF-RECOMMENDATIONS","pinpoint":"Recommendations 10, 12, 24, 25 (living document)","supports":"International CDD, PEP and beneficial ownership standards (current edition; text read in SRC-INTL-FATF-REC-2025-02)","source":{"source_id":"SRC-FATF-RECOMMENDATIONS","title":"International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation (The FATF Recommendations)","authors":"Financial Action Task Force","publisher":"FATF","document_type":"standard","url":"https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html","year":2012,"publication_date":"Adopted February 2012; amended repeatedly (incl. February 2025 R.1/INR.1, 10, 15; June 2025 R.16)","jurisdiction":"intl","status":"In force (living document)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FINCEN-CDD-FINAL-RULE-PAGE","pinpoint":"CDD Final Rule information page","supports":"Four core CDD elements; rule published 2016-05-11, applicability 2018-05-11","source":{"source_id":"SRC-US-FINCEN-CDD-FINAL-RULE-PAGE","title":"Information on Complying with the Customer Due Diligence (CDD) Final Rule","publisher":"Financial Crimes Enforcement Network","document_type":"guidance","url":"https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule","publication_date":"Rule published 2016-05-11; applicability date 2018-05-11","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}},{"source_id":"SRC-US-ECFR-31-1010-230","pinpoint":"31 CFR 1010.230(b), (d)(1)-(2), (e)(2)(i)-(xiv)","supports":"25% ownership prong and single control person; excluded legal-entity customers","source":{"source_id":"SRC-US-ECFR-31-1010-230","title":"31 CFR 1010.230 - Beneficial ownership requirements for legal entity customers (CDD Rule)","publisher":"Financial Crimes Enforcement Network (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/31/1010.230","publication_date":"eCFR current as of 2026-09-29; last amended 2017-09-28","jurisdiction":"US","status":"in force (with 2026 exceptive relief)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FINCEN-CDD-RELIEF-2026","pinpoint":"Exceptive relief, 2026-02-13","supports":"Beneficial owners identified at first account opening rather than each new account","source":{"source_id":"SRC-US-FINCEN-CDD-RELIEF-2026","title":"FinCEN Issues Exceptive Relief to Streamline Customer Due Diligence Requirements","publisher":"Financial Crimes Enforcement Network","document_type":"release","url":"https://www.fincen.gov/news/news-releases/fincen-issues-exceptive-relief-streamline-customer-due-diligence-requirements","publication_date":"2026-02-13","jurisdiction":"US","status":"in force (exceptive relief order; optional for institutions)","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FR-2024-19260","pinpoint":"89 FR 72156","supports":"AML/CFT programme and SAR requirements for RIAs and ERAs","source":{"source_id":"SRC-US-FR-2024-19260","title":"Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (final rule), 89 FR 72156","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2024-09-04/pdf/2024-19260.pdf","publication_date":"Published 2024-09-04; original effective date 2026-01-01","jurisdiction":"US","status":"adopted; effective date postponed to 2028-01-01","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FR-2025-24184","pinpoint":"91 FR 36","supports":"Effective date postponed to 1 January 2028","source":{"source_id":"SRC-US-FR-2025-24184","title":"Delaying the Effective Date of the AML/CFT Program and SAR Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (final rule), 91 FR 36","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2026-01-02/pdf/2025-24184.pdf","publication_date":"Effective as of 2025-12-31; published 2026-01-02","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FINCEN-PR-IA-AML-DELAY","pinpoint":"Press release, 2025-12-31","supports":"FinCEN intends to review the rule during the delay","source":{"source_id":"SRC-US-FINCEN-PR-IA-AML-DELAY","title":"FinCEN Issues Final Rule to Postpone Effective Date of Investment Adviser Rule to 2028","publisher":"Financial Crimes Enforcement Network","document_type":"release","url":"https://www.fincen.gov/news/news-releases/fincen-issues-final-rule-postpone-effective-date-investment-adviser-rule-2028","publication_date":"2025-12-31","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}},{"source_id":"SRC-EU-AMLR-2024-1624","pinpoint":"Arts. 52(1), 90","supports":"EU AMLR 25%-or-more ownership test; applies from 2027-07-10 (2029-07-10 for football agents and clubs)","source":{"source_id":"SRC-EU-AMLR-2024-1624","title":"Regulation (EU) 2024/1624 on the prevention of the use of the financial system for money laundering or terrorist financing (AMLR)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L series, 19.6.2024","document_type":"regulation","url":"https://eur-lex.europa.eu/eli/reg/2024/1624/oj/eng","year":2024,"publication_date":"Adopted 31 May 2024; applies from 10 July 2027 (10 July 2029 for certain football agents/clubs)","jurisdiction":"EU","status":"In force, not yet applicable","last_verified":"2026-10-01"}},{"source_id":"SRC-EU-AMLD6-2024-1640","pinpoint":"Arts. 77, 78(1)","supports":"Directive (EU) 2015/849 repealed with effect from 2027-07-10; transposition by 2027-07-10 with listed exceptions","source":{"source_id":"SRC-EU-AMLD6-2024-1640","title":"Directive (EU) 2024/1640 on mechanisms to prevent the use of the financial system for ML/TF (AMLD6)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L series, 19.6.2024","document_type":"directive","url":"https://eur-lex.europa.eu/eli/dir/2024/1640/oj/eng","year":2024,"publication_date":"Adopted 31 May 2024; transposition generally by 10 July 2027","jurisdiction":"EU","status":"In force; transposition pending","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FINCEN-BOI-PAGE","pinpoint":"BOI reporting page","supports":"US companies exempt from BOI reporting (T2 corroboration of 31 CFR 1010.380(c)(1) and 90 FR 13688)","source":{"source_id":"SRC-US-FINCEN-BOI-PAGE","title":"Beneficial Ownership Information Reporting","publisher":"Financial Crimes Enforcement Network","document_type":"guidance","url":"https://www.fincen.gov/boi","publication_date":"Reflects final rule announced 2026-08-11","jurisdiction":"US","status":"current","last_verified":"2026-10-01"}},{"source_id":"SRC-UK-LEG-SI-2017-692","pinpoint":"regs 5(1)(b), 27, 28, 33, 35, 37","supports":"UK AML/CDD framework; body-corporate beneficial owner over 25%","source":{"source_id":"SRC-UK-LEG-SI-2017-692","title":"The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692)","publisher":"UK Government (legislation.gov.uk)","document_type":"regulation","url":"https://www.legislation.gov.uk/uksi/2017/692/contents","publication_date":"Revised text; contents page states up to date with changes known to be in force on or before 1 October 2026","jurisdiction":"UK","status":"in force","last_verified":"2026-10-01"}},{"source_id":"SRC-INTL-FATF-REC-2025-02","pinpoint":"R.10 (CDD measures (a)-(d)); R.12; R.24; R.25 (edition updated February 2025)","supports":"R.10 CDD measures; R.12 PEP measures for foreign PEPs and higher-risk domestic/international-organisation PEPs","source":{"source_id":"SRC-INTL-FATF-REC-2025-02","title":"International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - The FATF Recommendations (updated February 2025)","publisher":"Financial Action Task Force (FATF)","document_type":"standard","url":"https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/Feburary%202025%20FATF%20Recommendations.pdf","publication_date":"Edition updated February 2025","jurisdiction":"INTL","status":"superseded edition of a living standard","last_verified":"2026-10-02"}},{"source_id":"SRC-US-FR-2016-10567","pinpoint":"81 FR 29398 (DATES)","supports":"CDD Rule effective 2016-07-11; compliance by 2018-05-11","source":{"source_id":"SRC-US-FR-2016-10567","title":"Customer Due Diligence Requirements for Financial Institutions (final rule), 81 FR 29398","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2016-05-11/pdf/2016-10567.pdf","publication_date":"Published 2016-05-11; effective 2016-07-11; compliance by 2018-05-11","jurisdiction":"US","status":"in force","last_verified":"2026-10-02"}},{"source_id":"SRC-US-FINCEN-CDD-FAQ-2026","pinpoint":"FAQs A.3-A.4 (updated 2026-05-06)","supports":"CDD Rule effective and compliance dates (T2, with 81 FR 29398)","source":{"source_id":"SRC-US-FINCEN-CDD-FAQ-2026","title":"Customer Due Diligence Rule - Consolidated Frequently Asked Questions (updated May 6, 2026)","publisher":"Financial Crimes Enforcement Network","document_type":"guidance","url":"https://www.fincen.gov/system/files/2026-05/CDD-Rule-Consolidated-FAQs.pdf","publication_date":"Re-issued 2026-05-06 to align with exceptive relief order FIN-2026-R001 of 2026-02-13","jurisdiction":"US","status":"current","last_verified":"2026-10-02"}},{"source_id":"SRC-US-FR-2026-07033","pinpoint":"91 FR 18704 (published 2026-04-10; DATES: comments by 2026-06-09)","supports":"FinCEN AML/CFT program reform proposal; proposal only","source":{"source_id":"SRC-US-FR-2026-07033","title":"Anti-Money Laundering and Countering the Financing of Terrorism Programs (proposed rule), 91 FR 18704, RIN 1506-AB72","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2026-04-10/pdf/2026-07033.pdf","publication_date":"Published 2026-04-10 (FinCEN release 2026-04-07); comments closed 2026-06-09","jurisdiction":"US","status":"proposed","last_verified":"2026-10-02"}},{"source_id":"SRC-UK-LEG-SI-2026-621","pinpoint":"reg. 1 (commencement)","supports":"SI 2026/621 made 2026-06-09; mostly in force 21 days after making; regs 20 and 36(b) from 2027-02-01; part of reg 37 from 2027-10-25","source":{"source_id":"SRC-UK-LEG-SI-2026-621","title":"The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (SI 2026/621)","publisher":"UK Parliament / HM Government (legislation.gov.uk)","document_type":"statutory instrument","url":"https://www.legislation.gov.uk/uksi/2026/621/regulation/1","publication_date":"Made 2026-06-09","jurisdiction":"UK","status":"in force (partly)","last_verified":"2026-10-02"}},{"source_id":"SRC-US-ECFR-31-1010-380","pinpoint":"31 CFR 1010.380(c)(1)(i) [Reserved] and (c)(1)(ii)(A)-(C) (as amended at 90 FR 13697 and 91 FR 52528)","supports":"Only entities formed under the law of a foreign country and registered to do business in a US State or tribal jurisdiction are reporting companies; entities created in the US are outside the BOI reporting requirement","source":{"source_id":"SRC-US-ECFR-31-1010-380","title":"31 CFR 1010.380 - Reports of beneficial ownership information","publisher":"Financial Crimes Enforcement Network (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/31/1010.380","publication_date":"eCFR current as of 2026-09-29; last amended 2026-08-14 (amendatory text at 91 FR 52528 of the final rule beginning at 91 FR 52508)","jurisdiction":"US","status":"amended","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FR-2025-05199","pinpoint":"90 FR 13688-13689 (SUMMARY; DATES: effective 2025-03-26)","supports":"Interim final rule exempting entities previously defined as domestic reporting companies from BOI reporting, effective 26 March 2025","source":{"source_id":"SRC-US-FR-2025-05199","title":"Beneficial Ownership Information Reporting Requirement Revision and Deadline Extension (interim final rule), 90 FR 13688","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2025-03-26/pdf/2025-05199.pdf","publication_date":"Published 2025-03-26","jurisdiction":"US","status":"superseded","last_verified":"2026-10-01"}},{"source_id":"SRC-US-FR-2026-16576","pinpoint":"91 FR 52508 (SUMMARY; DATES: effective 2026-08-14)","supports":"Final rule adopting the March 2025 interim final rule with limited changes","source":{"source_id":"SRC-US-FR-2026-16576","title":"Beneficial Ownership Information Reporting Requirement Revision (final rule), 91 FR 52508","publisher":"Financial Crimes Enforcement Network (Federal Register via govinfo)","document_type":"release","url":"https://www.govinfo.gov/content/pkg/FR-2026-08-14/pdf/2026-16576.pdf","publication_date":"Published and effective 2026-08-14","jurisdiction":"US","status":"in force","last_verified":"2026-10-01"}}],"faq":[{"q":"Do US private equity managers have to run an AML programme?","a":"Not yet under FinCEN's investment adviser rule, whose effective date for registered and exempt reporting advisers is now 1 January 2028; FinCEN has said it intends to review the rule before then. Many already run AML programmes because of fund-domicile AML laws and counterparties' requirements."},{"q":"What is the difference between KYC and AML?","a":"KYC (customer due diligence) is identifying and understanding the customer and its beneficial owners. AML is the full programme that includes KYC plus risk assessment, monitoring, record-keeping and suspicious-activity reporting."}],"seo":{},"first_published":"2026-01-01","last_reviewed":"2026-10-02","last_modified":"2026-10-02","content_version":"2.0.0","url":"https://altss.com/glossary/kyc-aml","json_url":"https://altss.com/reference/concepts/kyc-aml.json","title":"KYC and AML","formulas":[],"sources":[{"source_id":"SRC-EU-AMLD6-2024-1640","title":"Directive (EU) 2024/1640 on mechanisms to prevent the use of the financial system for ML/TF (AMLD6)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L series, 19.6.2024","document_type":"directive","url":"https://eur-lex.europa.eu/eli/dir/2024/1640/oj/eng","year":2024,"publication_date":"Adopted 31 May 2024; transposition generally by 10 July 2027","jurisdiction":"EU","status":"In force; transposition pending","last_verified":"2026-10-01"},{"source_id":"SRC-EU-AMLR-2024-1624","title":"Regulation (EU) 2024/1624 on the prevention of the use of the financial system for money laundering or terrorist financing (AMLR)","authors":"European Parliament and Council","publisher":"Official Journal of the EU, L series, 19.6.2024","document_type":"regulation","url":"https://eur-lex.europa.eu/eli/reg/2024/1624/oj/eng","year":2024,"publication_date":"Adopted 31 May 2024; applies from 10 July 2027 (10 July 2029 for certain football agents/clubs)","jurisdiction":"EU","status":"In force, not yet applicable","last_verified":"2026-10-01"},{"source_id":"SRC-FATF-RECOMMENDATIONS","title":"International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation (The FATF Recommendations)","authors":"Financial Action Task Force","publisher":"FATF","document_type":"standard","url":"https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html","year":2012,"publication_date":"Adopted February 2012; amended repeatedly (incl. February 2025 R.1/INR.1, 10, 15; June 2025 R.16)","jurisdiction":"intl","status":"In force (living document)","last_verified":"2026-10-01"},{"source_id":"SRC-INTL-FATF-REC-2025-02","title":"International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - The FATF Recommendations (updated February 2025)","publisher":"Financial Action Task Force (FATF)","document_type":"standard","url":"https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/Feburary%202025%20FATF%20Recommendations.pdf","publication_date":"Edition updated February 2025","jurisdiction":"INTL","status":"superseded edition of a living standard","last_verified":"2026-10-02"},{"source_id":"SRC-UK-LEG-SI-2017-692","title":"The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692)","publisher":"UK Government (legislation.gov.uk)","document_type":"regulation","url":"https://www.legislation.gov.uk/uksi/2017/692/contents","publication_date":"Revised text; contents page states up to date with changes known to be in force on or before 1 October 2026","jurisdiction":"UK","status":"in force","last_verified":"2026-10-01"},{"source_id":"SRC-UK-LEG-SI-2026-621","title":"The Money Laundering and Terrorist Financing (Amendment) Regulations 2026 (SI 2026/621)","publisher":"UK Parliament / HM Government (legislation.gov.uk)","document_type":"statutory instrument","url":"https://www.legislation.gov.uk/uksi/2026/621/regulation/1","publication_date":"Made 2026-06-09","jurisdiction":"UK","status":"in force (partly)","last_verified":"2026-10-02"},{"source_id":"SRC-US-ECFR-31-1010-230","title":"31 CFR 1010.230 - Beneficial ownership requirements for legal entity customers (CDD Rule)","publisher":"Financial Crimes Enforcement Network (CFR text via eCFR; LII mirror)","document_type":"regulation","url":"https://www.law.cornell.edu/cfr/text/31/1010.230","publication_date":"eCFR current as of 2026-09-29; last amended 2017-09-28","jurisdiction":"US","status":"in force (with 2026 exceptive relief)","last_verified":"2026-10-01"},{"source_id":"SRC-US-ECFR-31-1010-380","title":"31 CFR 1010.380 - Reports of beneficial ownership information","publisher":"Financial Crimes Enforcement Network (CFR text via eCFR; 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