AMLA - Countering money laundering and the financing of terrorism

Anti-money-laundering authority (AMLA) Countering money laundering and the financing of terrorism

Key takeaways:

- Supervision at Union Level: AMLA would directly supervise and take decisions towards a limited number of financial sector 'selected obliged entities' (SEOs), active in a certain proportion of Member States (eligibility criteria) and categorised in the highest AML/CFT risk category by the national supervisor in a minimum number of those Member States (qualifying criteria).

- Supervision at National Level: For non-selected obliged entities, AML/CFT supervision would remain primarily at national level, with national supervisors retaining full responsibility and accountability for direct supervision.

- AMLA would enhance the exchange of information and cooperation between national FIUs.

- AMLA will start developing and keeping the AML/CFT database up to date (currently managed by the EBA), to assess the risks and vulnerabilities of the selected obliged entities.