Update on the New EU AML Authority (AMLA)

• Jurisdiction: European Union
• Year: 2022
• Author: Olena Loboiko

Speaker

Olena is a policy officer at the European Commission, currently working in the Financial Crime unit of DG FISMA, with 10 years of experience and expertise in European regulatory and policy framework in the financial sector. Over the last 3 years, Olena has been involved in all Commission’s initiatives the area of anti-money laundering and countering the financing of terrorism relating to the financial sector, including the recent legislative proposals. Previously, Olena has worked in the Banking unit of DG FISMA, in the area of prudential regulation for banks.

Before joining the European Commission in 2017, Olena has worked at De Nederlandsche Bank (Dutch Central Bank) in the area of prudential supervisory policy for over 5 years. Olena received her LLM in European Union law (cum laude) from Erasmus University of Rotterdam in 2011, and is an MBA candidate at Bayes Business School, City University of London.

Topic

The e-presentation offers a comprehensive update on the recently established EU Anti-Money-Laundering Authority (AMLA), shedding light on its core objectives, planned tasks, competences, and its future relationship with the existing authorities. This groundbreaking initiative aims to enhance the European Union's efforts in combating money laundering and terrorist financing, ensuring a more secure and transparent financial system.

The presentation starts by outlining the rationale behind the establishment of AMLA, emphasizing the increasing complexity and transnational nature of money laundering activities. It highlights the need for a centralized authority with enhanced powers and expertise to effectively tackle this pervasive issue across the EU member states.

Moving forward, the e-presentation delves into the planned tasks of AMLA. It highlights that the authority will serve as the central hub for coordinating anti-money laundering efforts, facilitating information sharing, and fostering collaboration among the relevant national authorities. AMLA will act as a catalyst for harmonizing and streamlining the regulatory framework across the EU, ensuring consistent and effective implementation of anti-money laundering measures.

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