Emma RadmoreThe Council of the EU has published opinions on the proposals for an AML Authority and the proposals for AMLR1 and AMLD6.
The ECB has welcomed the package, and is ready to cooperate with the AMLA. It notes the criteria for identifying the selected entities that will be under its supervision are strict and that no more than 20 entities are expected to meet the criteria. It makes some suggestions for widening the pool of possible covered entities and notes that while it has noted some increasing consistency in the actions of national supervisors, an overarching approach is critical. It makes a number of further suggestions for change to make the new arrangements work most efficiently, and on AMLD6 particularly in respect of approval of key individuals.
