- 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.
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
