In an interview with Money Laundering Bulletin, Szego, chair of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, said convergence among member states remains low, particularly in the nonfinancial sector. She outlined the authority’s work with national supervisors, financial intelligence units and other stakeholders on a single anti-money laundering rulebook, common methodologies, a supervisory handbook and harmonized formats for structured intelligence sharing across the European Union. The authority is also prioritizing the crypto sector as markets change and national authorities develop their analytical capabilities. Preparations continue for direct supervision from 2028, with entities to be selected using objective criteria and expected to include some of the European Union’s most impactful cross-border financial institutions and groups. Selected entities will have a single European Union supervisor and one consistent set of expectations instead of multiple national approaches.
European Union's Authority for Anti-Money Laundering and Countering the Financing of Terrorism highlights low convergence and prepares for direct supervision from 2028
Szego, chair of the European Union’s anti-money laundering authority, said supervisory convergence remains low, particularly in the nonfinancial sector, as the authority develops common rules, methodologies and intelligence-sharing formats. Crypto is a priority, while preparations continue to place selected high-impact cross-border financial institutions and groups under direct European Union supervision from 2028.