Handover of anti-money laundering powers marks major EU milestone

The European Banking Authority (EBA) and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism have completed the transfer of all AML/CFT mandates and functions.

This handover marks a significant milestone in the European Union’s fight against financial crime and concludes the stand-alone mandate held by the banking authority since 2020.

The transition is a central component of the new European Union anti-money laundering package, which established...