Phoenix Compliance Essentials #12
Today’s focus: AMLA, the new European AML/CFT authority
In June 2024, the European Union officially adopted the AML Package, including the creation of the Anti-Money Laundering Authority (AMLA), headquartered in Frankfurt.
Since mid-2025, AMLA has been in its deployment phase, with a gradual build-up of its responsibilities until 2028, when it will become fully operational.
➡️ Its objective: to harmonise practices across the European Union, address national divergences and strengthen the effectiveness of the fight against money laundering and terrorist financing.
➡️ Its main future responsibilities:
– Supervising the highest-risk entities: around 40 major financial institutions will be directly supervised by AMLA.
– Strengthening cooperation among Financial Intelligence Units (FIUs): supporting them through joint analyses of cross-border cases, information sharing and the management of the next-generation FIU.net, the European secure information exchange system for FIUs.
– Establishing common standards: complementing the European AML/CFT framework by developing technical standards and publishing guidelines and practical guidance applicable throughout the EU.
➡️ Although Monaco is not a member of the European Union, Monegasque institutions should anticipate the changes resulting from the creation of AMLA, given the close interconnection of financial flows with the EU.
Monaco will also be able to request access to the FIU.net system through AMLA.
