14:17 1 June 2024
EU Strengthens Anti-Money Laundering Regulations
Several European Union member states have finalized regulations aimed at combating money laundering and terrorism financing. A new EU authority, the Anti-Money Laundering Authority (AMLA), will be established in Frankfurt, a major financial hub in the EU.
In addition to overseeing high-risk financial entities, AMLA will intervene in supervisory failures and act as a mediator in supervisory disputes. Mid-2025 will be the start of the authority's operations.
The new regulations also aim to enhance the powers of national regulators, including stricter identity checks for bank customers and real estate transactions, and mandatory reporting of suspicious activities to national authorities.
