If you ask Dutch bankers or anti-money laundering university professors whether much will change because of the AML Package, the answer you will get is that little will change and that it is only codification/harmonisation of already known rules.

Anyone who reads the new European regulation and directives can see that those claims are not true.

My observation is confirmed by the statements of the Commissioner-designate who will be responsible for the Package.
Ms Maria Luis Albuquerque, candidate for the Financial Services and the Savings and Investments Union portfolio, said in response to questions from members of a European Parliament committee:

We have until mid-2027 to prepare the ground for the application of the new framework. We therefore have no time to lose; the reform was of a massive size, and there are important novelties that we must ensure are introduced in a coherent manner. Work needs to start now if we are to deliver.

It is worrying that very sweeping legislation is being introduced in the EU without citizens, civil society organisations, national parliaments and many others having had a chance to look at it properly. After all, these are rules that will affect every citizen and every SME.

I find it bizarre.

The complete text of question & answer 9

(source: Written questions and answers by Ms Maria Luis Albuquerque):

Question from the Committee on Civil Liberties, Justice and Home Affairs

9. Your mission will be to continue working on digital finance, as well as on the implementation of the new antimoney laundering package.

What steps do you envisage to take in order to assess the deployment of AI systems in the financial sector, including their compliance with the specific requirements for high-risk AI systems provided for in the AI Act (such as risk management systems or fundamental rights impact assessments)? Which priority steps do you intend to take in order to effectively implement the new AML single rulebook, in particular with regard to financial sector, but also non-financial sector as well as new powers, competences and tools provided to the Financial intelligence units in order to prevent, detect and combat money-laundering and terrorist financing?

In my mission letter, President von der Leyen has asked me to continue work on digital finance and in particular to assess the deployment of artificial intelligence (AI) in finance. If I am confirmed as Commissioner, I will work with other members of the College, and with the support of DG FISMA , the European Supervisory Authorities (ESAs) and the newly established AI Office of the European Commission, to achieve our common goals. I will of course also work closely with the European Parliament and the Council. I will, if confirmed, build on the work already done, notably recent consultations and targeted outreach aimed at seeking to gather insights from stakeholders on the current market developments as well as potential risks and barriers impeding AI uptake in the financial sector. I will also work closely with the supervisory community and the AI Office to ensure compliance with the specific requirements for high-risk AI systems outlined in the AI Act. Finally, because AI very much presents opportunities and risks at a global level, I will, if confirmed as Commissioner, work with our international counterparts such as the Financial Stability Board, the Financial Action Task Force, the Basel Committee on Banking Supervision and the Bank for International Settlements to develop globally co-ordinated solutions, respecting European values.

I believe it is of utmost importance to work with all stakeholders – be it consumers, users, providers, developers, or supervisors, and not least the European Parliament and the Council – to ensure a swift implementation of the new rules under the AI Act. The AI Act identifies consumer credit assessment and risk assessments and pricing in health and life insurance as high-risk applications, and we need to devote particular attention to the fact that AI use in these sectors meets the standards set in the AI Act. If confirmed, I will work closely with the Vice-President for Tech Sovereignty, Security and Democracy to assess the AI deployment in the financial sector. If questions arise in relation to EU financial sector legislation in terms of how it applies to AI, I will also work closely with the supervisory community to see how best to address these issues.

If confirmed, I would like to take a proactive approach to addressing the evolving landscape of AI in finance, recognising the need for a nuanced policy approach that balances innovation, seizes the opportunities and advantages it may offer with solid risk management, be it from a financial stability or fundamental rights perspective. By engaging with the co-legislators, stakeholders and fostering dialogue, I would like to create a supportive ecosystem that enables both the financial sector and financial supervisory community to harness the potential of AI while mitigating its risks.

On anti-money laundering, the package of reforms agreed under the previous mandate has the potential to bring true change in the fight against financial crime. But laws are only as good as their implementation on the ground. I fully share the goal set out in the political guidelines for this Commission to focus on better implementation and enforcement of Union rules. I believe that this should be our primary focus in the anti-money laundering field if we are to make this reform a reality and a success. If confirmed, I will closely align with the Commissioner-designate for Internal Affairs and Migration to ensure consistent approaches to our common goals of fighting organised crime. I will also ensure close cooperation between the Commission and Member States for the correct transposition of the new Anti-Money Laundering Directive, as well as open dialogue with the sectors to enable the smooth phasing-in of the requirements of the new Anti-Money Laundering Regulations.

We have until mid-2027 to prepare the ground for the application of the new framework. We therefore have no time to lose; the reform was of a massive size, and there are important novelties that we must ensure are introduced in a coherent manner. Work needs to start now if we are to deliver.

Work on implementing and delegated measures is already underway. They will set out in detail how entities in the financial and non-financial sector alike are expected to comply with important requirements. Work on the common tools and methodologies for supervising these sectors is also being prioritised. If I am confirmed as Commissioner, I will ensure that my services continue building on this momentum, through close cooperation with the European Banking Authority and national authorities. All the technical measures will be publicly consulted so that the industry can provide insights and suggestions. This process will ensure that the regulatory requirements are adequate, proportionate, and fit for purpose. Equally important for me will be the right set-up of the Anti-Money Laundering Authority.

With respect to Financial Intelligence Units (FIUs), work to harmonise how Financial Intelligence Units receive, process and exchange information has already started. Furthermore, in close cooperation with Financial Intelligence Units, the Commission is currently developing a new version of the ‘FIU.net’ secure information exchange platform. Work has also been launched for the interconnection of the national bank account registers. All those workstreams will significantly enhance the Financial Intelligence Units’ ability to swiftly exchange and analyse information and report cases to law enforcement authorities.

Looking forward, if I am confirmed as Commissioner, I will not shy away from acting decisively. Europe cannot afford to repeat the same mistakes of the past where late or incorrect measures adopted or implemented at national level jeopardised our collective ability to fight financial crime. Therefore, I intend to use all instruments for implementation and enforcement at my disposal, including prevention and infringement proceedings, to ensure the framework and our authorities deliver on our commonly agreed goals.

More information:

On Commissioner-delegate Maria Luis Albuquerque:

• Page European Parliament on Commissioner-delegate Maria Luis Albuquerque
• CV / Curriculum Vitae
• Declaration of interests
• Written questions and answers
• Verbatim report of the confirmation hearing (original version)

On the Commissioner-delegates in general:

• European Parliament page on confirmation hearings for the European Commission

Addition 26 November 2024
Look at the political guidelines for the new Commission and the article on eucrim on these guidelines. There is a lot of ‘security’ in it, that includes the AML Package, with a lot of optimism, like (from the article) “Fighting organised crime and dismantling high-risk criminal networks and their ringleaders” and access to confidential information: “Providing law enforcement with adequate and up-to-date tools for lawful access to digital information, while safeguarding fundamental rights” (= breaking encryption). The public authorities are entitled to sucure communication: “Developing a new European Critical Communication System to be used by public authorities in charge of security and safety“, while citizens have to cope with insecure e-mail and messaging that can be read along by the authorities.