Anneli Tuominen: Anti-money laundering: how are supervisors tackling the current challenges?
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Anneli Tuominen (Supervisory Board) at a conference in Helsinki on preparing for the EU Anti-Money Laundering Regulation (AMLR). She explains why money laundering matters for prudential supervision and how prudential and AML supervisors cooperate with the new AMLA.
Key points
- Global money laundering is estimated at between 2% and 5% of global GDP; in the EU less than 2% of organised crime proceeds are confiscated
- Money laundering risk generates legal, credit and liquidity risks that can threaten a bank's viability
- The AMLR will be fully applicable in July 2027, with AMLA as the centralised European authority
Who is affected
Banks and obliged entities in anti-money laundering
Deadlines
AMLR applicable in July 2027
Plain-language version
Anneli Tuominen, a member of the ECB's banking supervision board (the ECB is the euro area's central bank), talks about money laundering, making criminal money look legal. It is estimated at 2% to 5% of the world economy and can sink a bank through legal or cash problems. From July 2027 new EU rules will apply, with a central EU watchdog called AMLA.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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