AMLA, Authority for Anti-Money Laundering and Countering the Financing of Terrorism

Fecha de última actualización: 26/03/2025

The European Union introduced a legislative package in 2021 aimed at strengthening the regulatory and institutional framework for combating money laundering and the financing of terrorism. This legislative push includes a new Anti-Money Laundering Directive and the new European Regulation on Money Laundering and Terrorist Financing Prevention. Alongside these rules, a European Regulation has been enacted to establish the Anti-Money Laundering and Counter-Terrorism Financing Authority —  AMLA, by its English acronym.

The European regulator’s experience in the fight against money laundering and terrorist financing has highlighted the implementation shortcomings of international recommendations as well as community efforts. Additionally, the cross-border nature of crime and illicit proceeds exacerbates these challenges. This makes the creation of a Union-wide Authority imperative.

Roles and Responsibilities

The Authority will have the following roles and responsibilities:

1. Threat and risk assessment
2. Supervision of obligated entities
3. Evaluation of national and non-financial supervisors
4. Coordination and support with Financial Intelligence Units
5. Development of ethical standards and guidelines

Threat and Risk Assessment

AMLA will assess risks, threats, and vulnerabilities within the internal market concerning money laundering or terrorist financing. Additionally, it will monitor high-risk countries, analyzing their threats. These efforts aim to strengthen the integrity of the European Union’s financial system, protect it from illicit activities, and ensure a coordinated and effective approach in the fight against money laundering and terrorist financing.

To enhance the effectiveness of these assessments and foster institutional cooperation, the Authority may enter into cooperation agreements with the European Anti-Fraud Office — OLAF —, Europol, the European Union Agency for Criminal Justice Cooperation — Eurojust — and the European Public Prosecutor’s Office. 

Supervision of Obligated Entities

“Selected obligated entities” refer to a group of subjects under AMLA’s direct supervision. These entities are designated as selected obligated entities when their residual risk profile is classified as high.

Although AMLA has not yet developed a methodology to define high residual risk, the Regulation outlines several criteria that should be considered in these methodologies:

• Entities operating in more than six Member States.
• High number of customers from high-risk third countries.
• Significant presence of customers considered politically exposed persons.
• Products or services prone to anonymity.
• Bank correspondence services, including those linked to crypto assets in identified high-risk countries.

Evaluation of National and Non-Financial Supervisors

AMLA will conduct periodic evaluations of supervisors. The Authority will assess the extent to which supervisors fulfill their roles in combating money laundering and terrorist financing and whether they adopt the necessary measures to ensure the proper implementation of prevention rules. 

The Regulation also provides for mechanisms to resolve conflicts between financial supervisors in cross-border contexts. Delegating money laundering prevention competences to financial supervisors could result in disputes between the supervisory authorities of the home and host Member States.

The Sixth Directive defines the home Member State as “the Member State where the obligated entity’s registered office is located.” The host Member State is any state other than the home Member State where an obligated entity has a branch or subsidiary.

Coordination and Support with Financial Intelligence Units

The Authority will be responsible for implementing effective cooperation between Financial Intelligence Units (FIUs). For this purpose, the concept of joint analyses has been introduced. These analyses involve the collaboration of two or more FIUs, coordinated by AMLA, to investigate potential money laundering or terrorist financing activities.

If the joint analysis leads to a reasonable suspicion of criminal activity, the relevant authority will be notified. In cases of money laundering or terrorist financing, the authority to notify would be the European Public Prosecutor’s Office. Conversely, if the analysis reveals indications of corruption or fraud, the notification would be directed to the European Anti-Fraud Office — OLAF. 

Development of Standards and Guidelines

The Authority will be able to develop technical standards for regulation and implementation, which will subsequently be submitted to the Commission for potential approval. Additionally, AMLA may establish guidelines and recommendations addressed to supervisory authorities, supervisors, FIUs, or obligated entities.
The role of Fundamental Rights Officer will be established within the Authority. This officer will monitor the Authority’s actions to ensure they are conducted in respect of individual fundamental rights. Furthermore, the officer can issue non-binding opinions, as well as promote and advise the Authority on matters related to fundamental rights.