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Glossary termPublished inAMLR

Persons known to be close associates

What does "Persons known to be close associates" mean under the AMLR?

  • (a) natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person
  • (b) natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person

Defined in / by

Last updated: 22 August 2026.

Regulations

  • Anti-Money Laundering Regulation (AMLR)

    The AMLR is Regulation (EU) 2024/1624. It applies from 10 July 2027 and is directly applicable, so from that date customer due diligence, beneficial ownership, reporting and internal controls come from EU law rather than national statute. Cash payments for goods and services are capped at €10,000. Football clubs and agents follow on 10 July 2029.

    Next
    AMLR applies (Art. 90) and the AMLD6 transposition deadline. References to Directive (EU) 2015/849 are construed as references to the AMLR and AMLD6, per the correlation table in Annex VI (Art. 89); the repeal itself sits in AMLD6

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