6AMLD and Fintech: What Changed with the Expansion of AML Rules

6AMLD (Sixth Anti-Money Laundering Directive) is the current version of European AML rules, which came into full force by the end of 2024. The main changes are the expansion of the scope of obliged entities, stricter checks, and personal liability of fintech company employees.

Expansion of Scope

Previously, AML obligations mainly applied to banks and insurance companies. Now the directive covers:

• All payment service providers, including EMI and payment institutions.
• Crypto-asset service providers (exchanges, custodians, wallets with exchange).
• Crowdfunding platforms above a certain threshold.
• Rental services (long-term residential rentals) for high amounts.
• Dealers in art, antiques, and luxury cars.

This means that transactions that previously went through without AML checks are now subject to them.

Lowering of Thresholds

The amount above which enhanced due diligence is required has been lowered for certain categories. Anonymous crypto transactions over €1000 require mandatory KYC; below that, it is also recommended. The Travel Rule applies to transfers over €1000 between crypto services.

Personal Liability

A key change: now not only the company but also specific employees (compliance officer, director) can face criminal liability for AML violations. This has sharply increased attention to procedures – no one wants a prison sentence for a poorly checked client.

In practice, this has led to more conservative behavior by fintechs: at the slightest doubt, account blocking, document requests, refusal of service. This often hits bona fide clients, but for fintechs, it is better to refuse than to get a fine.

What This Means for the User

More documents. Previously, opening an account required only a passport; now they may ask for proof of address, source of funds, even an employment letter. Do it once and forget it.

Regular re-KYC. Every 1-2 years, fintech asks to update documents. Previously optional, now mandatory.

Questions about transactions. Large irregular transfers, deposits from a crypto exchange, transfers abroad – may trigger document requests: what is the money, where did it come from. Prepare: contracts, invoices, transaction screenshots.

Blocking. If documents are not provided on time, the account may be suspended. Do not ignore emails from fintech requesting information – this is often a marker for compliance, and missing deadlines becomes a formal violation by the client.

Useful Rule

Keep a dossier of financial activity: main contracts, sources of large inflows, transaction screenshots. At the first compliance request, you provide a complete set and do not delay the procedure. This reduces the risk of long freezes for one to two weeks.