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AML: key success factors for an effective breakthrough in the context of a new EU legislation and supervision

Day 1 Afternoon

Wednesday 13 September

Room :



Marcus Pleyer
Deputy Director General - Federal Ministry of Finance, Germany
Public Authorities
Rikkle-Louise Ørum Petersen
Deputy Director General - Danish Financial Supervisory Authority (Finanstilsynet)
Paolo Costanzo
Manager, Financial Intelligence Unit (UIF) - Banca d'Italia - UIF
Kenneth Farrugia
Chief Executive Officer - Malta Financial Services Authority (MFSA)
Ante Zigman
President of the Board - Croatian Financial Services Supervisory Agency (HANFA-CFSSA)
Industry Representatives
Aamir Hanif
Head of Compliance Europe, CIS and Africa - Western Union
Sylvie Matherat
Senior Advisor - Mazars

Objectives of the session

In the context of new EU legislation and supervision, achieving an effective breakthrough in Anti-Money Laundering (AML) requires gathering key success factors across various themes.

A central pillar of success lies in adopting a risk-based approach and defining the scope of AML Authority (AMLA) supervision appropriately. Since AMLA must efficiently identify high-risk financial institutions and entities while ensuring coverage of the entire internal market, selection criteria should be critical in order to remain neutral, focus on riskier and cross-border activities. Non-financial obliged entities must be encompassed in the AMLA’s purview. Supervision of lawyers, notaries, casinos, and car dealers is vital, though prioritizing the financial sector initially is reasonable.

Cooperation and information sharing among national Financial Intelligence Units (FIUs) are paramount. AMLA should foster greater collaboration, establishing joint analysis and enhancing information exchange.

Additionally, an intelligence-led approach involving technology, should significantly bolster AML/CFT efforts. In parallel the financial industry in the EU must leverage technology to streamline Know Your Customer (KYC), onboarding processes, and risk flag sharing while addressing GDPR concerns. Balancing data protection with intelligence sharing remains a challenge.

The aim of the session it to address these themes which will be crucial for establishing an effective AML/CFT framework in the context of new EU legislation and supervision, promoting cooperation and coordination among stakeholders, leveraging technology, and ensuring a robust risk-based approach to combat money laundering and terrorist financing effectively.

Main questions to be addressed.

  1. How can AMLA efficiently implement a risk-based approach to combat money laundering and terrorist financing effectively?
  2. What should be the defined scope of AMLA’s supervision to cover the entire internal market while prioritizing high-risk financial institutions and entities, including non-financial obliged entities?
  3. What challenges exist in assessing AML/CFT risk exposure for financial institutions, and how can AMLA establish effective selection criteria for direct supervision?