AML Authority Established between EU Parliament and EU Council

It has been agreed that AMLA will:

• Supervise high-risk financial entities operating in at least 6 member states, overseeing a minimum of one entity per member state;
• Act as a central hub, coordinating supervisors across EU countries and ensuring consistent supervisory practices; and
• Assist financial intelligence units in analysing suspicious transactions and identifying money laundering cases through joint analysis and shared information.

Additionally, the following developments have been announced:

• A provisional agreement on elements of the wider money-laundering package was reached, including provisions on whistleblowing reporting channels, effective cooperation between FIUs and AMLA, and rules against circumvention of targeted financial sanctions; and
• The host city for AMLA will be agreed between the Parliament and Council and announced in 2024.

Firms should view the decision to identify the potential impacts the legislative drafts may have for their operations.