The new Regulation (EU) 2024/1620 establishes the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) to enhance supervision and compliance across the EU's financial system. The Authority will directly oversee selected obliged entities, including major financial institutions and crypto-asset services, to ensure consistent application of AML/CFT obligations, whilst also fostering cooperation among national supervisors and Financial Intelligence Units (FIUs).

Key powers of the Authority include conducting investigations, performing on-site inspections, and imposing administrative measures or financial sanctions for non-compliance. The regulation emphasises a risk-based approach to supervision of both selected and non-selected obliged entities, aiming for supervisory convergence and a higher standard of compliance within the internal market.