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This section covers AML/CTF initiatives by European Commission, Council of Europe MONEYVAL, European Parliament, Europol and other related EU organisations.
New EU AML Package
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AMLA consults on draft Guidelines for business-wide risk assessments and draft RTS on group-wide requirements to strengthen AML/CFT risk management – feedback by 20 and 28 May 2026
The first concerns draft Guidelines on business-wide risk assessments, which set minimum expectations across financial and non-financial sectors, helping firms identify and manage their specific AML/CFT risk exposure in a proportionate, risk-based way. The second covers draft Regulatory Technical Standards (RTS) on group-wide requirements, establishing standards for consolidated AML/CFT risk management across groups, including cross-border operations and third countries. Both initiatives aim to ensure…
ESA’s Annual Report 2025 highlights digitalisation, cyber resilience under DORA, sustainable finance, and cross-sector risk monitoring as key supervisory priorities
The report outlines coordinated work by the European Supervisory Authorities on key priorities including implementation of the Digital Operational Resilience Act (DORA), monitoring risks from financial innovation such as crypto-assets, and strengthening cross-sector supervisory convergence to ensure consistent oversight across banking, insurance and capital markets. It also highlights joint efforts to address anti-money-laundering and counter-terrorist-financing risks, enhance consumer protection against fraud and scams…
OCCRP reports the Council of Europe has criticised Switzerland for mishandling $230M linked to the Magnitsky fraud and ML case, citing weak asset safeguarding and recovery
The resolution, passed by a 43–7 vote, urges Switzerland to refreeze and recover assets linked to individuals implicated in the long-running case and to correct earlier legal and procedural shortcomings after its money laundering investigation was closed and funds were released. It also follows a Swiss Supreme Court ruling questioning earlier confiscation methods and highlights concerns that millions were transferred abroad despite frozen assets, raising broader questions about enforcement effectiveness and compliance with international anti–money laundering standards…
FATF’s Mutual Evaluation Report of Italy 2026 reveals a sophisticated and resilient AML/CFT regime capable of tackling complex FC, but highlights gaps in enforcement, transparency, and sanctions
However, effectiveness remains uneven, with limited pursuit of simpler money laundering cases, gaps in beneficial ownership transparency, weaker supervision of non-financial sectors, and sanctions that are not sufficiently dissuasive, while ongoing exposure to organised crime continues to pose risks, leading FATF to call for stronger enforcement, greater transparency, and more consistent application of measures across all sectors…
PwC’s ‘EMEA AML Survey’ 2026 finds that despite the EU’s push for AML harmonisation, most firms remain unprepared, facing higher costs, data issues, and major operational disruption ahead of 2027
The survey finds that compliance costs are expected to rise significantly, particularly due to stricter customer due diligence (CDD), beneficial ownership verification, and enhanced transaction monitoring requirements. Firms also report that fragmented legacy systems and poor data quality remain major obstacles to effective implementation. While technology—especially AI and advanced analytics—is seen as critical to meeting regulatory expectations, many organisations are still in early stages of digital transformation…
EBA seeks feedback on its Reporting Framework 4.3 draft technical package, enhancing AML and third-country branch reporting standards to support AMLA supervision – comments due 10 May 2026
EBA launches a consultation on its draft Reporting Framework 4.3, covering AML and third-country branch reporting, introducing updated technical standards, validation rules, and DPM/XBRL taxonomies, including new requirements to support AMLA supervision and CRD-aligned reporting, with first reference dates in 2026–2027; stakeholders are invited to provide feedback by 10 May 2026 ahead of final publication in June 2026, which will further refine AML reporting templates and validation rules…
EP’s Briefing compares AML regimes across major jurisdictions, noting key differences in supervision, transparency, crypto oversight and enforcement despite common FATF standards
The framework compares how major jurisdictions (UK, EU, US, Japan, Singapore) structure and operate their AML systems – covering legal foundations, supervision, enforcement, beneficial ownership, and emerging risks like crypto. While all align with FATF standards, it highlights key differences in implementation and oversight that shape overall effectiveness….
Dutch police have arrested 8 people behind a massive fake ID network that churned out nearly a million forged documents, fueling global fraud, phishing, and ML schemes
The investigation, based on data seized from servers in a prior raid, targeted users of the now-shut VerifTools site, which allowed criminals to create fake passports, driving licences, and residence permits to bypass identity checks and access financial systems. Authorities say the platform earned millions in illicit revenue and was widely used to support phishing, bank fraud, and money laundering schemes. Additional suspects have been identified as the investigation continues…
EBA publishes a Decision under the SEPA Regulation to harmonise and streamline EU payment data reporting, introducing a single reporting channel through EBA, replacing multiple national submissions
This reform reduces administrative burden on National Competent Authorities (NCAs) and ensures more consistent, high-quality data on payment charges, transaction volumes, and sanctions-related rejections. The EBA will now centralise this information and forward it to the European Commission, improving oversight of payment costs, instant credit transfers, and compliance with EU sanctions frameworks. The Decision also clarifies data accuracy responsibilities for NCAs and takes effect immediately…
EBA launches a consultation to simplify EU Supervisory reporting by cutting requirements by around 50% and reducing duplication and streamlining data requirements – feedback open until 10 July 2026
The proposals aim to merge separate data collections such as stress testing and supervisory benchmarking into regular reporting to reduce overlaps and improve consistency. They also strengthen proportionality, especially for smaller and less complex institutions, while improving digital integration and standardisation of data definitions across the EU. Overall, the reforms are designed to lower compliance burden for banks while ensuring supervisors still receive high-quality, relevant information, with feedback open until 10 July 2026…
Swiss FINMA publishes Guidance on Managing Digital Fraud Risks, warning from a 19-bank survey of rising fraud since 2022 and serious gaps in AML and operational controls as digital threats escalate
The regulator warns that digital banking expansion and emerging technologies, including AI, are increasing exposure to fraud and ML, with gaps identified in governance, incident response, and horizon scanning capabilities across several institutions. FINMA stresses the need for robust, organisation-wide risk management frameworks to detect, assess, and mitigate digital fraud risks—particularly in online onboarding and unauthorised account access—to strengthen banks’ resilience against rapidly evolving financial crime threats…
GFI’s ‘Trade-Related Illicit Financial Flows in Europe’ report finds trade misinvoicing drives major illicit flows – widening value gaps, draining billions, and eroding tax revenues and economic integrity
The report quantifies widespread discrepancies between reported imports and exports—“value gaps”—as a proxy for illicit flows, showing that these are concentrated in key economies and remain stable over time rather than declining. It also highlights the role of trade mispricing as a major money laundering and corruption risk, facilitating tax evasion and illicit capital movement while pointing to the need for improved trade transparency, data quality, and cross-border cooperation…