New European AML agency nearing adoption
By 
Kyle Brasseur2023-12-14T15:42:00
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism (AML/CFT) activities gained provisional approval from the Council of the European Union and European Parliament.
The Anti-Money Laundering Authority (AMLA) is soon expected to receive final adoption following the agreement between the two sides announced Wednesday. The creation of AMLA was proposed as part of a July 2021 package of rules presented by the European Commission to strengthen the efficiency of AML/CFT efforts in the region.
In addition to supervisory powers, AMLA will be granted the ability to impose monetary penalties on the entities it will oversee.
Related articles
-
News BriefNew European AML agency to be based in Germany
The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.
-
News BriefEU nearing tighter AML rules for crypto, luxury traders
The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.
-
PremiumAMLA impact dependent on national collaboration
The impact of the Anti-Money Laundering Authority to improve the coordination and success of AML activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms.
More from Regulatory Policy
-
ArticleWhat is AI washing and why companies need to stop exaggerating their AI prowess
The buzz around generative AI has reached fever pitch over the past few years—to such an extent that it’s practically a death knell for any company to say it’s not investing massively in gen AI to transform their business. There’s only one problem: many companies are either being misleading or ...
-
News BriefApple, Google face compliance crossroads as states push digital safeguards
A new law in Texas will go into effect next January that requires Apple and Google to verify the age of their app store users. This marks another piece of legislation from the state level intended to protect children, and the second such law specifically from Texas to limit children’s ...
-
Basic PageConsumer electronic supply chain at risk, FCC says in proposing new rules
Thousands of computers and other consumer electronic devices imported into the U.S. that were certified as safe by foreign laboratories have been identified as having links to the Chinese government or military, Brendan Carr, chair of the Federal Communications Commission, said Thursday in announcing an order to close the security ...