European lenders want a broad overhaul of the EU's anti-money laundering framework amended substantially, including by making the proposed rules less prescriptive and adding provisions to support public-private partnerships, policy advisers for an influential trade group, the European Banking Federation, told ACAMS moneylaundering.com. Negotiations on the plans between the European Parliament, Council, which represents the EU's 27 national governments and Commission, the EU's executive branch, may carry on into 2023. After that, three more years will elapse before the new rules take effect and a planned bloc-wide regulator, the AML Authority, or AMLA, begins directly supervising higher-risk, systemically important banks...
The European Union's planned new anti-money laundering agency will have broad powers to subject the bloc's "riskiest" financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows.
EU officials want banks, financial intelligence units and other interested parties to weigh in on the growing number of public-private platforms through which financial services industry professionals and government agencies share data on suspected financial crimes.
Recommendations issued by Europe's data protection watchdog to ensure EU anti-money laundering reforms stay onside of privacy rules could benefit compliance departments, but only if regulators convert them into practical guidance, sources told ACAMS moneylaundering.com.