On 26 June 2024, the European Banking Authority (EBA) issued a press release welcoming the entry into force of the new EU anti-money laundering framework.

The press release adds:

  • The EBA will retain its anti-money laundering / countering the financing of terrorism (AML/CFT) powers and mandates until December 2025 to minimise disruption and will continue working closely with the new AML/CFT authority (AMLA) going forward.
  • During this transition phase the EBA will also support Member State competent authorities getting ready for AMLA and will coordinate the European Commission’s AMLA taskforce.
  • Over the course of this year and next, the EBA’s priorities in the area of AML/CFT will focus on:
  • a methodology for selecting financing institutions for direct EU-level AML/CFT supervision;
  • a common risk assessment methodology;
  • information necessary to carry out customer due diligence; and
  • criteria to determine the seriousness of a breach of AML/CFT provisions.