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For anybody working in KYC and AML, staying up-to-date with regulatory changes is vital. One significant change set to impact players in Europe is the establishment of the Anti-Money Laundering Authority of the European Union (AMLA EU).

 
Preparing for AMLA EU What KYC and AML professionals need to know about it today blog-min

03 April 2023
Raphael Wullschleger, CTO Atfinity

Preparing for AMLA EU:
What KYC and AML professionals need to know about it today

For anybody working in KYC and AML, staying up-to-date with regulatory changes is vital. One significant change set to impact players in Europe is the establishment of the Anti-Money Laundering Authority of the European Union (AMLA EU). This initiative aims to harmonise AML efforts across Member States, ensuring consistency and uniformity in anti-money laundering practices throughout the European Union. In this short blog post, I will explore what AMLA EU is and analyse its current and future implications and regulations.

What is AMLA EU?

The idea to establish a common EU AML authority was sparked by the identified weaknesses in the AML framework in the European Union. These weaknesses created cross-border opportunities for criminals to exploit the EU financial system. AMLA EU's primary mission is therefore to set a coherent framework for AML authorities of the EU’s members and harmonising the fight against money laundering and terrorism financing. It has several objectives, such as ensuring effective implementation of the existing EU AML framework, establishing an EU single rulebook, and bringing about EU-level supervision. The creation of AMLA EU is anticipated to provide a more coordinated and effective approach to combat financial crime in the region.

When will AMLA EU be operational?

AMLA EU is not expected to be fully operational before 2026. Before its launch, stakeholders will be consulted, expert opinions will be gathered, and an impact assessment will be conducted. Once operational the agency could be as large as 500 people strong with a budget of at least EUR 200 million, underlining the importance the EU places on AML. It will most likely be located in Vienna, Austria, however other European cities have also expressed interest.

Conclusion

In conclusion, creating the AMLA EU is a significant development in the fight against money laundering and terrorism financing in the EU. Consequences for KYC and AML will requirements in Europe are expected to arise in the mid-term. We should expect increased supervision and scrutiny in the years to come.

As soon as more details become available, Atfinity will update you!

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Fast and efficient KYC/KYB/AML, onboarding and loan origination for the financial world

Fast and efficient client onboardings for the financial world

 

Documentation
API Documentation
Press & Media
Imprint
Privacy and Data Protection

Zurich

Elias-Canetti-Strasse 7
8050 Zurich, Switzerland
+41 76 399 82 49
info@atfinity.swiss

Geneva

Route de Florissant 8
1206 Genève, Switzerland

Niš

Svetosavska 20
18000 Niš, Serbia


Fast and efficient client onboardings for the financial world

Fast and efficient KYC/KYB/AML, onboarding and loan origination for the financial world

 

Get in Contact