AML
AML
Context
Safeguarding the integrity of financial systems and combatting money laundering have become top priorities for the European Union (EU). With the rise of high-profile money-laundering scandals across the Union, addressing structural deficiencies in the AML regime is of utmost importance.
Building an efficient and integrated AML framework is a longstanding ambition of the EU, aiming to establish a robust defence against illicit financial activities. AML measures must evolve to effectively counter ever-evolving money-laundering tactics, ensuring that the EU’s financial landscape remains secure and transparent.
New market developments necessitate a renewed focus on AML efforts. The digitalisation of financial services and the proliferation of cryptocurrencies have introduced new challenges in tracking and preventing illicit transactions. Moreover, the global nature of financial crime demands closer cooperation among international partners to establish a united front against money laundering.
In response to these challenges, the EU has embarked on a comprehensive approach to revamp its AML strategy. A renewed risk-based legislative package has been designed to fortify the AML regime and enhance regulatory oversight. A central component of this initiative is the creation of a dedicated EU authority, the EU Anti-Money Laundering Authority (EU AMLA), to ensure a coordinated and cohesive approach across member states.
The EU AMLA will play a pivotal role in fostering collaboration among financial institutions, law enforcement agencies, and supervisory authorities. By establishing uniform AML standards, enhancing information sharing, and implementing risk-based due diligence, the EU aims to build a resilient AML framework that can identify and focus on higher stake threats.
As we progress toward a more secure financial ecosystem, financial institutions operating within the EU must actively participate in the implementation of enhanced AML measures. Embracing advanced technologies, such as artificial intelligence and blockchain, can bolster transaction monitoring capabilities and aid in detecting suspicious activities.
Furthermore, the EU will continue to work closely with global partners to combat cross-border money laundering effectively. Strengthening international cooperation and harmonising AML standards across jurisdictions are key elements in the fight against financial crime.
Eurofi documents
Extracted from the main Eurofi publications (Regulatory Updates, Views Magazines and Conference Summaries)
Eurofi Views Magazine chapters
AML: key success factors - September 2023 new
Marcus Pleyer - Federal Ministry of Finance, Germany | Kenneth Farrugia - Malta Financial Services Authority (MFSA) | Ante Žigman - Croatian Financial Services Supervisory Agency (HANFA) | Rikke-Louise Ørum Petersen - Danish Financial Supervisory Authority | Paolo Costanzo - Banca d’Italia | Sylvie Matherat - Mazars | Aamir Hanif - Western Union
AML: key success factors - April 2023
Marcus Pleyer - Federal Ministry of Finance, Germany | Ante Žigman - Croatian Financial Services Supervisory Agency (HANFA) | Tobias Thygesen - Danish Financial Supervisory Authority (Finanstilsynet) | Andreas Schrik - Austrian Financial Market Authority | Paolo Costanzo - Banca d’Italia | Dr Christopher P. Buttigieg - Malta Financial Services Authority (MFSA) | Markus Ronner - UBS | Sylvie Matherat - Mazars | Bryant Gofstein - Western Union
AML challenges with AMLA and Ukraine war sanctions - September 2022
Marcus Pleyer - Federal Ministry of Finance, Germany | Jesper Berg - Danish FSA | Ante Žigman - Croatian Financial Services Supervisory Agency | Ana Fernández Manrique - Banco Bilbao Vizcaya Argentaria | Tyler Hand - Western Union | Igor Vida - Raiffeisebank a.s | Sylvie Matherat - Mazars
EU AML / CFT authority: success factors - February 2022
Gediminas Šimkus - Bank of Lithuania | Marcus Pleyer - Federal Ministry of Finance, Germany | Philippe Bertho - Autorité de Contrôle Prudentiel et de Résolution | Derville Rowland - Central Bank of Ireland | Duncan DeVille - Western Union | Jesper Berg - Danish Financial Supervisory Authority