ECB welcomes the AMLA proposal but sees areas of improvement

Although it is not in its scope of work, the European Central Bank (ECB) has always paid attention to bank’s AML & KYC capabilities, as strugglers in this area often have structural deficiencies which fall under the jurisdiction of the ECB. In the light of Europe’s never-ending money laundering scandals, ECB welcomes European Commission’s proposal on setting up an EU-wide Anti-money Laundering Authority (AMLA) and looks forwards to get a helping hand in several areas to ensure efficient and effective supervision. Moreover, ECB was keen to share part of the broad experience gained in building European banking supervision, having identified three main areas which are key in assuring the success of the new authority.
In this alert, you will read more about the main areas identified by the ECB as potential shortcomings of the AMLA and how the two institutions would cooperate in the future.