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# Recital 118

*In force · Regulation (EU) 2024/1624, OJ L, 2024/1624, 19.6.2024 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1624)*

Pension schemes regulated by Directive (EU) 2016/2341 are regulated products which are subject to stringent supervisory standards and present low risks of money laundering and terrorist financing. Where such pension schemes are set up in the form of a legal arrangement, its beneficiaries are employees and workers who rely on those products, linked to their employment contracts, for the management of their retirement benefits. Due the specific nature of the retirement benefit, which carries a low risk of money laundering and terrorist financing, it would not be proportionate to require the identification of each of those beneficiaries, and the identification of the class and its characteristic should be sufficient to fulfil transparency obligations.