Estonia's Financial Supervision Authority (Finantsinspektsioon) published remarks by Management Board Chair Kilvar Kessler from the Nordic-Baltic AML-2024 conference, focusing on the establishment of the European Anti-Money Laundering Authority (AMLA) and the supervision of crypto markets. He warned that the coming years will bring challenges for both crypto firms operating in the European Union and for supervisors. Kessler argued that AMLA will need supervision to be carried out using similar rules across member states, citing differences in how comparable rules, clients and products are treated in anti-money laundering work. Drawing on his involvement in the creation of the Single Supervisory Mechanism, he noted that countries are likely to take different approaches in AMLA’s early phase but expected these issues to be resolved over time. He also highlighted Finantsinspektsioon’s long-running investment in IT expertise as key for current supervision of IT risks and for future responsibilities as the crypto sector comes under its supervision.
Finantsinspektsioon 2025-03-25
Estonia's Financial Supervision Authority chair links AMLA set-up to future crypto market supervision and calls for consistent EU supervisory practice
Estonia's Financial Supervision Authority (Finantsinspektsioon) highlighted challenges for crypto firms and supervisors with the establishment of the European Anti-Money Laundering Authority (AMLA) at the Nordic-Baltic AML-2024 conference. Management Board Chair Kilvar Kessler emphasized the need for uniform supervision across EU member states and noted potential discrepancies in AMLA's implementation. He also underscored Finantsinspektsioon’s investment in IT expertise as crucial for managing IT risks and future crypto sector oversight.