SUPERVISING THE AML SUPERVISORS CAN RAISE GAME OF ASSESSORS AND OBLIGED ENTITIES
June 19th, 2024
With AML, it is tough to say where the buck stops, but governments are addressing the need to ensure AML supervisory authorities are themselves assessed, to keep standards high. The issue was central to the recently agreed European Union (EU) AML/CFT reforms that authorised the launch in the EU of an Anti Money Laundering Authority (AMLA), approved by the EU Council of Ministers and the European Parliament in May (2024).
The authority should be fully operational within 2025, and will be based in Frankfurt, Germany’s financial centre, and home to the EU’s key ...
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