New European AML agency nearing adoption
By 
Kyle Brasseur2023-12-14T15:42:00
A new agency to supervise high-risk financial institutions across the European Union regarding their anti-money laundering and countering the financing of terrorism (AML/CFT) activities gained provisional approval from the Council of the European Union and European Parliament.
The Anti-Money Laundering Authority (AMLA) is soon expected to receive final adoption following the agreement between the two sides announced Wednesday. The creation of AMLA was proposed as part of a July 2021 package of rules presented by the European Commission to strengthen the efficiency of AML/CFT efforts in the region.
In addition to supervisory powers, AMLA will be granted the ability to impose monetary penalties on the entities it will oversee.
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