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July 23, 2024
PI Global Investments
Finance

More scrutiny for financial institutions with proposed EU AML/CFT authority


The European Council (EC) and parliament have reached a provisional agreement to create a European authority for countering money-laundering and the financing of terrorism: an Anti-Money Laundering Authority (AMLA).

AMLA will have direct supervisory powers over high-risk cross-border institutions and indirect supervisory powers across all other entities in the financial sector, with oversight power over the non-financial sector. 

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