By STEPHEN RAE in Brussels
EUROPE’S new AML Authority (AMLA) “will become a joke” unless it is properly resourced, ECB Supervisory Board member Elizabeth McCaul warned today (Thursday).
Ms McCaul today a financial crime conference in Brussels that it was vital the new authority was properly resourced in terms of finances and skills.
She warned that if the authority did not have sufficient resources or too few staff or not enough skilled staff “it will become a joke.”
Ms McCaul also emphasised that the European Central Bank wants to see AMLA up and running as soon as possible.
“What we need to do now is help finalise this crucial project. We strongly encourage the EU co-legislators to reach a political agreement on an effective European Anti-Money Laundering Authority (AMLA) as soon as possible,” she told the Leaders in Finance ‘AML Europe 2023’ conference.
Subscribe now to have unlimited access
With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!
