Deloitte’s Centre of Competence issues white paper on the establishment of AMLA

Deloitte’s AMLA Center of Competence White Paper assesses how the establishment of the EU Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) is a major opportunity to strengthen financial crime risk management across the EU and internationally. The paper argues that AMLA’s success will depend on moving beyond technical compliance towards measurable effectiveness: better detection, disruption and prevention of illicit finance. It also highlights the need for stronger risk prioritisation, harmonised reporting, public-private cooperation, international coordination and a practical operating model that avoids further institutional fragmentation. 

The paper addresses the following main topics:

1. The context for improving the effectiveness of financial crime risk management;
2. The mandate and process for the establishment of AMLA; and
3. Key issues for ensuring the effectiveness of AMLA within anti-financial crime framework both in the EU and globally.

AMLA represents a significant opportunity to strengthen the response in the EU and globally to financial crime. It is expected that these developments in the area of AML/CFT law will impact on the future of the associated Swiss regulatory framework. The detailed prescriptive standards set out in the new European AML rulebook will most probably lead to regulatory arbitrage of the Swiss principle-based system.

Authors

• Chris Bostock, Partner, Regulatory & Compliance | Deloitte UK
• Matthew Ekberg, Contractor, Regulatory & Compliance | Deloitte UK
• Ralph Wyss, Partner, Regulatory & Compliance | Deloitte Switzerland