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- Financial institutions face important challenges related to the new European requirements and are concerned about adjustments needed to existing processes and systems, including client data gathering and actualization, and innovation in performing transaction monitoring
Most of the financial institutions in the EU are in early preparation stage to comply with the new anti-money laundering (AML) and countering financing of terrorism (CFT) legislation requirements and will need significant investments in technology, personnel and training to align to the new European framework until the July 2027 deadline, according to the Deloitte report Navigating the EU AML/CFT Landscape, conducted in 20 countries, including Romania. The majority of the respondents (84%) have only just started to prepare for the so-called “EU AML/CFT Package”, which includes a series of regulations and directives that aim to transform the supervision of anti-money laundering and countering the financing of terrorism. Although most of the participants to the study are still defining their approach or establishing initial strategies, banks (87%) appear to be more advanced compared to the other entities. Among them, 32% have defined a high-level roadmap and 11% have detailed project plans and clear designs. 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%).
“Deloitte’s study emphasizes the importance of dialogue, sharing knowledge and insights on the anti-money laundering and counter-financing terrorism legislation package as a basis for building a strong understanding and know-how within the business environment. We believe this report plays an important role by supporting organizations to assess their level of readiness compared to industry peers and creates a collaborative environment to encourage organizations to use the actionable insights provided to improve their package application and risk management strategies. We see great interest among the Romanian banks and insurance companies in our study findings, and we are confident it will support their complex journey to achieve compliance with the new requirements”, said Burcin Atakan, Partner, Advisory Services, Forensic, Deloitte Romania.
The study identifies multiple challenges posed by the implementation calendar of this package, which includes over 100 due dates spread over an extended period. A very important milestone is the release of a series of guidelines and technical standards by the Anti-Money Laundering Authority (AMLA), until July 2027. Moreover, 86% of organizations anticipate they will need to make adjustments to existing procedures, internal controls, tooling and technologies in order to comply with the new requirements.
As for the expected compliance gaps, the primary areas of concern identified by respondents are client data gathering and actualization (92%), as well as innovation-related processes (84%).
In terms of organizational readiness, 94% of respondents have confidence in their resources regarding the implementation of the EU anti-money laundering and counter-financing terrorism legislation and 81% say they have a strong understanding of the regulatory framework. However, 31% of respondents have concerns about staying informed about regulatory changes.
Regarding the general sentiment on the new anti-money laundering and countering the financing of terrorism requirements, 84% of respondents expect them to contribute to improving the resilience in the fight against financial crime. However, a substantial 74% of respondents have concerns about the impact of the regulations on their organization. Banks (78%) and insurance companies (70%) anticipate a greater impact on their operations, while asset managers, investment firms, fintech and payment providers indicate they are less worried (63%) about the impact.
The EU AML/CFT Package, published in 2024, includes the Anti-Money Laundering Authority Regulation (AMLAR), the Anti-Money Laundering Regulation (AMLR or EU AML Rulebook), the sixth Anti-Money Laundering Directive (AMLD6), and the updated Wire Transfer Regulation II (WTR II). The Anti-Money Laundering Regulation is an important part of the new package and will be directly applicable in all EU countries in July 2027 (and with some exceptions in 2029), eliminating the need for separate national AML legislations and ensuring consistency and harmonization.
“The deadline is closer than it seems. Although July 2027 may seem distant, the timeframe for achieving full compliance with the EU AML legislative package is considerably shorter. The new framework introduces stricter and more detailed obligations, fundamentally redefining supervisory expectations, institutional accountability, and proportional application of sanctions in cases of non-compliance. The newly established European Anti-Money Laundering Authority will sit at the center of this shift. Working with national authorities, it will drive uniform interpretation and application of the EU AML Rulebook and will directly supervise cross-border and systemically important financial institutions through joint teams and risk-based reviews. Compliance will be defined by consistency, traceability, and proven effectiveness. Preparing for 2027 should start today. Considering the operational, technological, and organizational implications of these reforms, only a structured and proactive implementation plan can ensure institutions are ready for the 2027 supervisory landscape,” said Laura Lica-Banu, Director, Advisory Services, Forensic – Financial Crime, Deloitte Romania.
The Deloitte study Navigating the EU AML/CFT Landscape was conducted among over 100 financial institutions in Europe, namely banks, insurance companies, asset managers, investment firms, fintech and payment providers and it aims to support financial organizations to effectively benchmark their preparations against industry peers, contributing to the overall integrity and resilience of the financial sector.
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Article supported by Deloitte România
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