AMLA (EU Supervisory Authority for AML) Regulation
REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL ESTABLISHING THE OFFICE FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING AND AMENDING REGULATIONS (EU) 1093/2010, (EU) 1094/2010, (EU) 1095/2010 (DRAFT 20.07.2021)
[AMLA Regulation]
go to the draft AMLA Regulation page
Summary
The AMLA Regulation establishes an EU-wide Anti-Money Laundering and Terrorist Financing Authority (“AMLA”). Therefore, the Regulation centralizes oversight of the AML/CFT area, which is currently fragmented and relies on the operation of FIUs and supervisors in individual Member States. The AMLA will exercise direct oversight over selected obliged institutions with the greatest cross-border impact.
Impact
The AMLA will have a number of tasks and competencies to perform oversight of the EU AML/CFT system, primarily:
- exercising direct supervision over selected obliged institutions from the financial sector and indirect supervision over other obliged institutions
- with respect to selected obliged institutions, the AMLA will ensure compliance with the AML Regulation and the New AML Directive at a group level
- reviewing the exercise of supervision by national financial supervisors and non-financial supervisors
- performing analytical tasks in cooperation with domestic financial analytical units
- issuing regulatory technical standards (RTS) based on authorizations under the AML Regulation and the New AML Directive, as well as issuing guidelines and recommendations
- under direct supervision, the AMLA will have the power to issue binding decisions and impose administrative sanctions, including administrative fines
- under indirect supervision, the AMLA will issue requests for action by the relevant national supervisory authorities and instructions for action