Deloitte Study: Most EU financial institutions are at an early stage of preparing to comply with new anti-money laundering and anti-terrorist financing legislative requirements and need significant investment to align with the new European framework
- Financial institutions face significant challenges from new European requirements and are concerned about the changes they need to make to existing processes and systems, including by collecting and updating customer data and innovating in transaction monitoring
Most financial institutions in the EU are in the early stages of preparing to comply with anti-money laundering legislation (anti-money laundering – AML) and terrorist financing (countering financing of terrorism – CFT) and will need significant investments in technology, personnel and training to align with the new European framework by the July 2027 deadline, according to the Deloitte Navigating the EU AML/CFT Landscape report, conducted in 20 countries, including Romania. The majority of respondents (84%) have recently started preparations for the so-called “EU anti-money laundering and terrorist financing package”, which includes a series of regulations and directives aimed at transforming supervision in this area. Although the majority of study participants are still defining their approach or establishing initial strategies, banks (87%) appear to be more advanced compared to the other entities. Of these, 32% have defined a strategic level roadmap and 11% have detailed and clear project plans. The results indicate that larger financial institutions with more than 1,000 employees are more likely to have developed a high-level roadmap or detailed project plan (44%) compared to smaller institutions (22%).
“The Deloitte study highlights the importance of dialogue, knowledge sharing and information on the AML/CFT legislative package as a basis for building a solid understanding and know-how in the business environment. We believe this report plays a key role, helping organizations assess their level of preparedness compared to other industry players, contributing to creating a collaborative environment that encourages the use of practical information provided to improve enforcement and risk management strategies. We observe a high interest from banks and insurance companies in Romania towards the conclusions of our study and we are confident that it will support their complex efforts to comply with the new requirements”, he stated Burcin Atakan, Partner, Advisory, Fraud Investigation Services, Deloitte Romania.
The study identifies multiple challenges generated by the implementation schedule of this package, which includes over 100 compliance deadlines spread over an extended period. A key milestone is the publication, by July 2027, of a series of guidelines and technical standards by the European Anti-Money Laundering and Terrorist Financing Authority (Anti-Money Laundering Authority – AMLA). Furthermore, 86% of organizations anticipate that adjustments to existing procedures, internal controls, tools and technologies used will be necessary to comply with the new requirements.
Regarding the possible non-conformities expected, the main concerns identified by the respondents are the collection and updating customer data (92%), as well as processes related to innovation (84%).
Regarding the degree of preparation of the organization94% of respondents express confidence in the resources they have to implement EU AML/CFT legislation, and 81% say they have a solid understanding of the regulatory framework. However, 31% of respondents express concern about maintaining continuous information on legislative changes.
Regarding the general perception of the new legislative requirements to prevent and combat money laundering and terrorist financing, 84% of respondents expect them to help strengthen resilience in the fight against financial crime. However, 74% of respondents are concerned about the impact of regulations on their organization. Banks (78%) and insurance companies (70%) anticipate a greater impact on their operations, while fund managers, investment firms, fintech companies and payment processors indicate they are less concerned (63%) about the effects of the new requirements.
The EU package on preventing and combating money laundering and the financing of terrorism, published in 2024, includes the Regulation establishing the Authority for Combating Money Laundering and the Financing of Terrorism, the Regulation on the prevention of the use of the financial system for the purpose of money laundering or the financing of terrorism (the Single European Regulation), the sixth Directive on the mechanisms to be established by member states to prevent the use of the system for the purposes of money laundering or terrorist financing and the updated Regulation on information accompanying transfers of funds and certain crypto-assets. The regulation on preventing the use of the financial system for the purpose of money laundering or terrorist financing is an important part of the new package and will be directly applicable in all EU member states starting from July 2027 (with some exceptions from 2029), eliminating the need for separate national anti-money laundering legislation and ensuring coherence and harmonization at European Union level.
“The deadline is closer than it seems. Although July 2027 may seem a long way off, the timeframe for full compliance with the EU's anti-money laundering package is considerably shorter. The new framework introduces stricter and more detailed obligations, fundamentally redefining oversight expectations, institutional accountability and the proportionate application of sanctions in cases of non-compliance. The newly established European Anti-Money Laundering Authority will be at the center of this change. In collaboration with national authorities, it will ensure uniform interpretation and application of the Single European Regulation and directly supervise cross-border and systemically important financial institutions through joint teams and risk-based assessments. Compliance will be defined by consistency, traceability and proven effectiveness. Preparation for 2027 should begin today. Given the operational, technological and organizational implications of these reforms, only a structured and proactive implementation plan can help institutions be ready for the 2027 supervisory framework,” he stated Laura Lică-Banu, Director, Advisory, Fraud Investigation Services – Financial Crime, Deloitte Romania.
Deloitte study Navigating the EU AML/CFT Landscape was made with participation of over 100 financial institutions from Europe, namely banks, insurance companies, fund managers, investment firms, fintech companies and payment processors and aims to support financial organizations to effectively assess their own level of readiness against their industry peers, contributing to the overall integrity and resilience of the financial sector.
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