A senior regulator and a top banking industry representative want European officials to ensure that a future, EU-wide anti-money laundering supervisor will have power to collect, review and disseminate national supervisory and transactional data to the fullest extent. European lawmakers, representatives of the EU's 27 nations and other stakeholders have mostly welcomed the European Commission's comprehensive plan to strengthen the bloc's resilience against money laundering and other financial crimes, including by launching a new AML Authority, or AMLA, but also proposed significant changes to the strategy. The debate following the plan's introduction has largely centered on what criteria AMLA will...
The EU's proposed methodology for selecting financial institutions for direct supervision by a planned bloc-wide Anti-Money Laundering Authority, or AMLA, is drawing criticism for allegedly focusing too much on large banks over smaller, but potentially far riskier, firms.
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.
EU nations want an impending bloc-wide anti-money laundering regulator to directly supervise all manner of financial institutions, including virtual asset service providers, or VASPs, and monitor at least one bank or other AML-regulated company in each country.