Two key conditions for the successful implementation of AMLA were identified: Anticipation and coordination.
- Anticipation should make it possible to draw up a large number of texts in a very short space of time. The draft regulation creating the AMLA provides for over fifty level 2 texts. Some of these will be adaptations of existing texts, but it is essential that the work carried out should enable options to be prepared now, from which the AMLA will be able to choose once it has been legally established. Among the most important topics and sources of discussion, the speakers mentioned :
- The risk analysis methodology, which requires the convergence of risk classifications and ratings. In addition, Parliament is proposing to adopt an assessment based on residual risk, rather than inherent risk. If this approach is adopted, we will need to agree on a common assessment of systems to mitigate inherent risk.
- The way in which entities within the same Group, and the Group itself, which may present different levels of risk, are assessed. This point ties in with the questions on which entities should be placed under direct supervision.
- The need for good quality data for this risk analysis. This implies being able to compile these data so that financial establishments have the time to obtain or produce them, and to set up transmission, probably to the national authorities in the first instance.
- Coordination is obviously necessary during the preparatory and transition phases, but it will remain necessary thereafter for the day-to-day business phase. This has been the case for the Eurosystem and the Single Supervisory Mechanism. At this stage, the authorities exchange a great deal with each other to create a common culture. But this coordination should come naturally, as it is already de rigueur in other contexts: for example, over 50 European authorities meet in the AML/CFT supervision unit format, covering banks, markets and insurance. Prudential authorities should also be included in this coordination, and they have useful information at their disposal.