BY PAUL O’DONOGHUE, Senior Correspondent
The focus of the EU’s new AMLA regulator should be to ensure AML rules are standardized in all 27 member states across the bloc, Dr Marcus Pleyer has said.
Dr Pleyer, one of the final three names in the running for the role of chair of the AML Authority (AMLA), told the International Anti-Financial Crime Summit 2024 that the new body should simplify regulations for financial institutions.
“AMLA will directly supervise the 40 highest risk-obliged [financial] entities,” he said during a keynote address at the conference.
“[However], this is a superficial few, and it means that all the rest of thousands of obliged entities will still be under the supervision of the member states.
“But the real task…AMLA’s task is to get ready for supervisory convergence all over Europe – it will bring all 27 [member state] supervisors to sing from the same songbook. To do exactly the same things”
Dr Pleyer said this will be a crucial mission for AMLA, as currently AML rules vary between EU member states.
Dr Pleyer pointed out that AML financial regulators across countries “understand risk differently” and said there should be a “uniform” approach to supervision.
“We will have the same way of imposing sanctions, the same way of checking internal controls in obliged entities,” he said.
“We need to apply exactly the same aspects when we assess risk, so there will be a methodology to this assessment all over Europe.
“So there is a huge list for AMLA to achieve this supervisory convergence.”
Dr Pleyer’s comments are the clearest indication yet of what his approach to AMLa regulation could look like if he becomes head of the regulator.
AML Intelligence last week revealed that Dr Pleyer, the deputy director general of the German Federal Finance Ministry, topped the rankings in a prospective shortlist of AMLA chair candidates sent to MEPs.
Dr Pleyer is regarded as one of the world’s leading authorities in the field of anti-financial crime.
Between 2020 and 2022, he served as president of the Financial Action Task Force.
This gave his international reputation a significant boost, as he was widely recognized to have successfully led the organization through a difficult period during the Covid pandemic.
He has also held a variety of top positions across top German state bodies, such as a supervisor with the country’s Federal Financial Supervisory Authority (BaFin).
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
