- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-27T12:43:00
The European Union’s recently approved Anti-Money Laundering Authority (AMLA) will be based in Frankfurt, Germany, and begin operations in 2025.
The Council of the European Union announced the development Thursday. It said AMLA will be comprised of more than 400 staff members.
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 anti-money laundering and countering the financing of terrorism (AML/CFT) efforts in the region. The agency received preliminary approval in December, paving its way toward final adoption.
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Germany’s financial supervisory authority issued total fines of €1.45 million (U.S. $1.6 million) against Commerzbank AG to settle allegations of inadequate monitoring and anti-money laundering controls.
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.
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
