In 2024, the European Union adopted Regulation (EU) 2024/1624 (AMLR), introducing a harmonised AML framework that expands the list of obliged entities across the EU. For Latvia, it is important to distinguish which sectors are already covered by national AML law and which will become newly regulated.
Crypto‑asset service providers and many professional intermediaries are already obliged entities under Latvian law. However, the AMLR introduces significant new obligations for sectors that are currently outside Latvia’s AML perimeter.
From 10 July 2029, professional football clubs and football agents will become obliged entities under EU law. They are not currently subject to AML obligations in Latvia. This means they will need to establish internal control systems, conduct risk assessments, perform customer due diligence and report suspicious transactions.
AMLR introduces concrete thresholds triggering AML obligations: precious metals and jewellery from EUR 10,000; motor vehicles from EUR 250,000; aircraft and watercraft from EUR 7,500,000. These structured thresholds are not currently reflected in Latvian law in the same harmonised way.
| Sector | Latvia Today | AMLR Requirements |
| Crypto‑asset service providers | Already AML subjects | Remain AML subjects (from 10 July 2027) |
| Professional football clubs | Not AML subjects | AML subjects from 10 July 2029 |
| Football agents | Not AML subjects | AML subjects from 10 July 2029 |
| High‑value goods traders | No harmonised EU thresholds | AML subjects from 10 July 2027 above defined thresholds |
The upcoming changes require preparation well before the formal application dates. Developing an internal control system involves governance decisions, documentation, staff training and digital tools.
aml.plus (https://aml.plus) supports organisations in designing compliant AML frameworks and provides a proprietary digital platform for customer due diligence, sanctions and adverse media screening.
aml.plus team[email protected]
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