S a new European Union authority for AML and countering the financing of terrorism (CFT) assumes more powers and as rules become more consistent across the bloc, businesses that are faster to change the ways they document and assess the risks of dealing with other parties may benefit the most.
The EU’s Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) is the EU’s first central AML/CFT supervisor. Its mandate includes supporting consistent application of AML/CFT rules, coordinating nations’ financial intelligence units (FIUs), developing technical standards, and addressing gaps created by differing national approaches.
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