Bracing for Battle: EU's Anti-Money Laundering Authority Gears Up for 2028
The European Union's Anti-Money Laundering Authority (AMLA) is preparing to combat illicit finance, including crypto risks, by 2028. Based in Frankfurt, AMLA will supervise high-risk EU financial institutions and employ a substantial workforce. Established after a 2021 scandal, its comprehensive plan emphasizes unified, risk-based oversight.
The European Union's newly formed Anti-Money Laundering Authority (AMLA) announced on Wednesday that it will be fully operational by 2028. The agency aims to tackle emerging threats in illicit finance, such as cryptocurrency and novel payment methods.
Based in Frankfurt, AMLA represents the first EU-wide body dedicated to combatting illegal financial flows. It plans to directly supervise 40 of the most high-risk financial institutions across the EU. By 2025, AMLA reached its staffing target of 120 and will employ a total of 432 personnel by 2028.
In light of a 2021 money-laundering scandal, the EU proposed AMLA to strengthen defenses against illicit finance. The agency will finalize its risk assessment methodology by 2026 and begin selecting institutions to monitor in 2027. AMLA chair Bruna Szego emphasized the need for a unified, risk-based system to address the complexities of contemporary criminal networks.
Google News