By PAUL O’DONOGHUE, Senior Correspondent
THE EU’s new AML authority, AMLA, has launched a data collection exercise to help select the 40 entities which will fall under its direct supervision from 2028.
The agency plans to use the data to test and calibrate its risk assessment models.
The data collection will begin in March. “It represents a preparatory step towards AMLA’s direct supervision,” it said.
AMLA also said the models will “ensure that money laundering risks of financial institutions are assessed consistently by supervisors across the EU”.
AMLA said the exercise will cover two groups of financial institutions. The first group includes entities that may qualify for direct supervision. The second consists of a representative sample of institutions expected to remain under national supervision.
National supervisors have already provided AMLA with lists of both groups. AMLA has notified the selected institutions that they will take part in the exercise.
AMLA direct supervision
“High-quality data from the private sector is essential to building a reliable selection model and developing a common EU-wide risk assessment methodology,” AMLA said.
AMLA said the exercise will also allow participating institutions to test their systems ahead of future data collections. The watchdog will also use the results to refine the data collection planned for the selection process.
AMLA Chair Bruna Szego said: “By testing and validating our models, we are taking the next steps towards effective and harmonised risk assessments across the EU.
“We count on the participation of the private sector in order to ensure that the final models are robust and reliable.”
Once AMLA completes the testing and calibration process, it will establish a final list of entities eligible for direct supervision. National supervisors will then collect data from those institutions in early 2027.
AMLA will use that information to select the 40 entities that will fall under its direct supervision from 2028.
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