By Regina Doherty, MEP, EPP
IT’S a real pleasure to welcome you all for what promises to be a timely and important discussion on Implementing Europe’s New AML and Anti-Financial Crime Rules.
We are in the phase where the primary legislative work is done, and the implementation is in full swing. I’d like to thank AML Intelligence for collaborating on this event and I am hopeful that we can create a space where policy-makers and industry leaders can come together to share perspectives and tackle the shared challenge of financial crime.
Europe has made a bold and necessary move with its new Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) package. We’ve long recognised that fragmented national approaches cannot keep pace with the speed and sophistication of financial crime today. That is why the creation of the new AML Authority, AMLA, is a watershed.
New rules and new structures are only the beginning.
With the implementation now in full swing it is clear that the hard work is underway.
AMLA transition
Translating this legislation into operational reality will demand commitment, clarity, and coordination. It will require strong public-private cooperation, genuine information sharing, pragmatism, and the building of trust. This trust must also extend across borders.
For businesses, especially in the financial and professional services sectors, we know that implementation requires investment. Investment is not just about compliance systems, but also investing in a culture of vigilance. I know many of you in this room are already leading that effort.
But to succeed, we in the policy space must ensure that the rules are clear, proportionate, and pragmatic. A risk-based approach must be more than a slogan. It must empower institutions to focus their efforts where the threats are greatest, without being bogged down in bureaucracy or fear of making the wrong judgement call.
Risk-based approach
This risk-based approach must inform every part of the implementation work. If the new regime is to be effective, then it can only do so by focusing on the areas where the risk is greatest. This should not be about pushing more complex obligations on compliant businesses while missing the places where we can have the greatest impact.
The risk-based approach should be to the forefront of our regulators’ minds when designing regulatory technical standards for risk assessment. The aim of the AML regime is not to punish compliant businesses but to give everyone more confidence in the probity of the system. We cannot start from the basis that everyone is guilty, rather we should aim for clear, implementable rules and focus resources where the risk is highest.
We should also make use of digital tools as much as possible to keep the process smooth and free flowing. This includes API-based verification, clear interoperable standards, and better integration with existing digital banking platforms.
EU electronic ID
Over the coming months we will also see the ongoing roll-out of the EU electronic ID system. While Member States are taking the lead, it is important that the eID models be aligned as much as possible to allow maximum effect in cross-border scenarios. This should also involve focusing primarily on the most effective datasets to be included. Current national IDs have different formats and contain different data points. When drafting RTSs we should not be trying to make businesses do the impossible by verifying based on data that cannot be provided.
Let me also stress the international dimension. Financial crime doesn’t stop at the EU’s borders. Whether we’re talking about sanctions evasion, crypto-assets, or complex laundering schemes, we must remain aligned with global standards—and in some cases, be prepared to lead.
AMLA gives us the opportunity to do that. Alongside the Single Rule Book, AMLA will be a central authority with teeth, setting the tone for enforcement, supervision, and cooperation across the EU and beyond. However, for this to happen, AMLA needs the required support and expertise. The Board is now in place and I wish them luck in their work ahead.
Success will depend on all our ability to work as partners. That’s what makes today’s dialogue is so valuable. We have policy-makers, regulators, financial institutions, and experts in the same room, sharing the same goal: to strengthen Europe’s financial system, to increase transparency, and to protect our citizens from abuse.
In closing, let me say this: implementing these new rules is not just a technical exercise. It’s about trust in our markets, and trust in Europe’s ability to lead with integrity and intelligence.
- The text is from the address delivered by Regina Doherty MEP at the ‘Compliance Council’ Roundtable at the European Parliament
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