In June 2024, the European Union (EU) launched a new decentralised authority named as the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA). The Authority aims to start most of its activities in mid-2025.
Contents
What are the AMLA’s main objectives?
How will the AMLA impact the subject persons?
How will the AMLA impact authorities?
What are the next steps for AMLA?
What are the AMLA’s main objectives?
AMLA’s main objectives are to:
Coordinate national supervisors, so the private sector correctly and consistently applies EU rules.
Enhance cooperation among Financial Intelligence Units (FIUs), so as to improve their analytical capacity around illicit flows and make financial intelligence a key source for law enforcement agencies.
How will the AMLA impact the subject persons?
AMLA will directly supervise a number of selected financial sector entities that are exposed to the high risk of money laundering and terrorism financing and operate on cross border basis in at least six Member States.
The Authority will be able to take over supervision of any subject person on request from the national supervisor, or on its own initiative, where there is a Union interest to do so.
It will apply a coordination role across the non-financial sector.
How will the AMLA impact authorities?
AMLA will promote support and cooperation amongst national AML/CFT supervisory authorities to create a common supervisory culture.
The Authority will facilitate cooperation, information exchange and identification of best practices among FIUs.
The U.S. Treasury on Thursday announced its withdrawal from the network of central banks and regulators focused on creating a global financial system to withstand climate change, as the Trump administration
Singapore‘s latest update to its Money Laundering National Risk Assessment (MLNRA) brings to light significant risks and vulnerabilities within the nation’s financial landscape, particularly those
With Donald Trump heading back to the White House, Wall Street is anticipating the potential for lower taxes, deregulation and a U.S. president who is quick to sound off on everything from the stock
The Internal Revenue Service (IRS) is enhancing its oversight of cryptocurrency transactions through the use of artificial intelligence (AI). In a groundbreaking move, the IRS released a draft of Form