Anti-Money Laundering: Forthcoming EU reform

We are now less than one year out from the EU Anti Money Laundering Regulation (AMLR) coming into effect on the 10 July 2027 for all EU member states, including Ireland. This will bring directly applicable  requirements for relevant sectors impacted, with a renewed onus to be actively demonstrably compliant, with a more harmonized and proactive focus on AML.

While Law firms are already subject to AML obligations under the scope of the Law Society, the new AMLR will further increase and sync the framework for international best practice and standards.  Law firms will need to ensure AMLR readiness by demonstrating stronger AML governance frameworks, with transparent up-to-date AML policies and procedures.

In advance of the 10 July 2027, it is now perhaps a timely opportunity for all impacted sectors to audit current daily practice and to identify any risk gaps that can be mitigated by specialised staff training. Specifically, due diligence and risk assessments will need to be more rigorous, with more scrutiny expected, and thus broader evidence needed on files. This includes internal documentation systems, onboarding procedures (to be able justify decision making/conclusions of risk levels), with thorough tailored analysis and sound judgement exercised on each file.

There will be an increased focus on the beneficial ownership of companies, so firms will have to be able to evidence inquiries into the source of funds, and detect any efforts of evasion behind corporate entities. This is especially relevant for corporate transactions and property acquisitions involving companies etc.

Solicitors must be attuned to red-flags, irregularities, and to internally and externally report suspicions where concerns exist. With regards to enhanced sanction screening, a significant expansion of designated persons and entities has been recently highlighted in July 2026, and firms are also obligated to remain up to date on the sanctions list and also be mindful of links to high-risk jurisdictions.  Solicitors must be attuned to red-flags, irregularities, and to internally and externally report suspicions where concerns exist.

The government have recently Ireland’s first ‘National Anti-Money Laundering strategy’ to strengthen financial crime fighting and help implement the incoming EU standards expected. In addition, the new Solicitors (Money Laundering and Terrorist Funding) Regulations has also come into effect on the 1 September 2026. As of 8 September, there is also now a new free online training offered by the Law Society’s AML unit to further cement these obligations.

For solicitors needing any AML assistance, the law Society can be contacted on their special AML helping on 01 897 8788.

Overall, the rapidly approaching EU AMLR will lead to an even greater emphasis on streamlined AML compliance. There will be an increased focus on our mandated responsibilities with stronger scrutiny required on verifying, monitoring and ultimately counter-acting any financial wrongdoing.