European Union: Adopted Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA)

On 30 May 2024, the Council of the European Union adopted the regulation establishing the European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). The AMLA has supervisory powers over high-risk entities. The regulation also ensures access to centralised bank account registers for national law enforcement authorities. The regulations will enter into force after publication in the EU Official Journal, with AMLA expected to commence operations in mid-2025.