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EU Nations Pitch Larger Role for Bloc-wide AML Supervisor

By Koos Couvée

Several European governments urged EU officials to empower a planned, bloc-wide anti-money laundering agency to supervise a wider range of financial institutions than just large banks, including smaller lenders and cryptocurrency providers. Officials from Germany, Italy, Spain, Austria, Luxembourg and the Netherlands said Monday that current criteria for selecting financial institutions for direct supervision by the forthcoming Anti-Money Laundering Authority, or AMLA, are not sufficiently risk based, place too much focus on large banks and do not guarantee the agency's presence in all 27 member states. "AMLA should supervise directly the riskiest financial entities and crypto-asset service providers … be...

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