Article 24 Minimum information to identify the purpose and intended nature of the business relationship or occasional transaction in low-risk situations

This is a draft act

This text has been parsed from the AMLA consultation paper draft as published on 9 February 2026. While we run a suite of validations, the automated parsing can result in errors. Also, before it is finally adopted by the Commission, its wording, numbering and references may change, and entire articles might be removed or added.

Summary What does Article 24 of the RTS on customer due diligence say?

This article sets out the minimum requirements that obliged entities must meet when applying simplified due diligence measures, as permitted under Article 33(1)(c) of Regulation (EU) 2024/1624.

Even in a simplified due diligence context — where the overall burden of checks is reduced — obliged entities are not entirely relieved of their obligations.

They must still take risk-sensitive measures to gather a baseline understanding of the customer relationship.

Important points:

Apply risk-sensitive measures to understand the intended use of the customer's requested products or services, even under simplified due diligence.
Obtain the estimated value of transactions during the business relationship or occasional transaction, where applicable.
Gather information on the source of funds where necessary.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

In order to apply simplified due diligence measures pursuant to Article 33(1), point (c), of Regulation (EU) 2024/1624, obliged entities shall at least take risk-sensitive measures to understand:
1. the intended use of the products or services requested by the customer;
2. where applicable, the estimated value of transactions during the business relationship or of the occasional transaction;
3. where necessary, the source of funds.

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