Recital 23

(23) To ensure a consistent approach, it is necessary to clarify which entities in the investment sector are subject to AML/CFT requirements. Although collective investment undertakings already fall within the scope of Directive (EU) 2015/849, it is necessary to align the relevant terminology with the current Union investment fund legislation, namely Directives 2009/65/EC (16) and 2011/61/EU (17) of the European Parliament and of the Council. Because funds might be constituted without legal personality, the inclusion of their managers in the scope of this Regulation is also necessary. AML/CFT requirements should apply regardless of the form in which units or shares in a fund are made available for purchase in the Union, including where units or shares are directly or indirectly offered to investors established in the Union or placed with such investors at the initiative of the manager or on behalf of the manager. As both funds and fund managers fall within the scope of AML/CFT requirements, it is appropriate to clarify that a duplication of efforts should be avoided. To that end, the AML/CFT measures taken at the level of the fund and at the level of its manager should not be the same, but should reflect the allocation of tasks between the fund and its manager.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.