- How will the AMLA be able to effectively enforce its AML and counter-terrorist financing regime?
- What challenges have regulators been facing around data sharing in the context of AML regulations?
- Are regulators and financial institutions sufficiently equipped and attuned to the technology requirements essential to effective AML regulation?
The European Anti-Money Laundering Authority (AMLA) aims to sharpen regulatory processes and enforcement regimes throughout the EU to effectively combat financial crime. The cross-border market has seen significant growth in recent years, and European regulators are motivated to stamp out this increase in financial crime in a region-wide capacity.
To deliver an effective AML regime, European regulatory authorities must collaborate to ensure the regulatory framework has cross-border standardisation. However, this is not straightforward, as the effectiveness of the AMLA has been contested, with concerns around how enforcement will take place on a national level. The issue of data privacy and the need to share financial data as part of new regulation is also being raised as a key concern.
Moving forward, European financial bodies must prioritise AML compliance in order to maintain stability and confidence across the financial landscape. It is hoped that the AMLA will prioritise interoperability in the regulatory system, drawing out more technological innovations and improving efficiency of the regulatory process.
Sign up for this Finextra webinar, hosted in association with Eastnets, to join our panel of industry experts who will discuss how the AMLA will tackle new challenges in financial crime.
- Gary Wright - Head of Research, Finextra [Moderator]
- Deya Innab - Deputy CEO, Eastnets
- Dr Mario Menz - Head of Compliance & MLRO, Ghana International Bank
- Nicolas Marinier - Partner, Forensic & Financial Crime, Deloitte
Click here to download your free copy of the Eastnets Survey Report 'Cross-border collaboration: A game-changer in the fight against financial crime?'