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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Ruth Prickett2024-01-17T12:25:00
The impact of the new EU agency to improve the coordination and success of anti-money laundering (AML) activities will be largely indirect, depending on its influence over European national governments continuing to supervise most EU financial services firms. Therefore, its collaboration with national regulators and authorities will be crucial to its success.
While the Anti-Money Laundering Authority (AMLA), which received provisional approval in December, will directly regulate organizations it identifies as “high risk,” including those operating across multiple borders and some crypto-asset providers, and be able to impose financial sanctions, the numbers involved are relatively small.
Other actions announced at the same time as AMLA are likely to prove as, or more, important than the headline-grabbing creation of a new authority, including new AML regulations to harmonize rules across the European Union, a new AML directive to update rules over national supervisors and financial intelligence units, and extending rules governing the traceability of cypto-asset transactions.
These will not appear overnight, but compliance managers should monitor developments.
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2024-02-27T12:43:00Z By Kyle Brasseur
The European Union’s recently approved Anti-Money Laundering Authority will be based in Frankfurt, Germany, and begin operations in 2025.
2024-01-18T19:40:00Z By Kyle Brasseur
The European Union moved closer to finalizing rules that would expand current anti-money laundering and customer due diligence obligations to new sectors, in addition to granting greater powers to national financial intelligence units.
2023-12-14T15:42:00Z By Kyle Brasseur
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism activities gained provisional approval.
2024-07-01T15:58:00Z By Aaron Nicodemus
Jamaica and Türkiye made “significant progress” addressing deficiencies in their anti-money laundering/countering the financing of terrorism (AML/CFT) programs, warranting their removal from the Financial Action Task Force’s grey list.
2024-06-10T09:43:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network published its latest collection of Bank Secrecy Act data, including number and type of suspicious activity reports.
2024-06-06T13:52:00Z By Ruth Prickett
Despite repeated interventions, fines, and negative publicity, money laundering is rife in U.K. financial services firms, according to Deputy Foreign Secretary Andrew Mitchell.
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