The EU Anti-money Laundering Authority will be coming into force in 2023

A comprehensively updated EU anti-money laundering policy is set to establish the EU Anti-money Laundering Authority (AMLA) as part of its plan to tighten controls on money laundering and the funding of terrorism.

The EU Anti-money Laundering Authority (is one of four legislative proposals about AML) will have a direct impact on the legal profession in the EU. It is expected there will be higher costs associated with AML supervision under the new rules as three quarters of the funding of the AMLA will come from ‘notifiable entities’. It is also likely lawyers will see an increased administrative burden as AML requests increase and that supervision requirements will increase.

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