AMLA's draft due diligence standards: four conditions for funds distributed through financial intermediaries

On 1 October 2026, AMLA announced that it had finalised three sets of regulatory technical standards for the private sector and sent the final drafts to the European Commission. For funds, the one to read is the draft RTS on customer due diligence under Article 28(1) of the AML Regulation (AMLR, Regulation (EU) 2024/1624).

What draft Article 15 says

It covers a fund that distributes its shares or units through a financial intermediary (another credit institution or financial institution) acting in its own name but on behalf, or for the benefit, of final investors. The fund may meet the AMLR obligation to identify and verify the identity of the natural persons on whose behalf, or for whose benefit, a transaction is conducted (Article 20(1)(h)) if four conditions are met:

• (a) the intermediary is subject to AML/CFT obligations in an EU Member State, or in a third country with requirements at least equivalent to the AMLR;
• (b) it is effectively supervised for compliance with those obligations;
• (c) the risk associated with the relationship with the intermediary is not high;
• (d) the fund is satisfied that the intermediary applies robust, risk-sensitive AML/CFT controls, including customer due diligence measures, to its own customers, which can be the final investors and its customers' beneficial owners.

A fund that relies on Article 15 must be able to show its supervisor, on request, that these conditions are met.

When it would apply

The text is still a draft. Under the draft, once the Commission adopts it and it is published in the Official Journal, it would enter into force on the twentieth day and apply six months later. The AMLR itself applies from 10 July 2027.

What we recommend to RCs

• List now every financial intermediary that holds shares or units on behalf of final investors.
• For each, keep a file on every condition above: jurisdiction, supervision, risk rating and your review of its controls, ready to show the supervisor.
• Keep your current procedures until the final text is adopted: the draft can still change.

Draft Article 15 only covers relationships that are not high risk. For RAIFs, the RC report sent to the AED separately covers enhanced due diligence on intermediaries acting for their customers. See our guide to the AED RC report for RAIFs.