25/03/2025
The years ahead will see challenges in the European Union for companies operating in crypto and for supervisors said Chair of the Finantsinspektsioon Management Board Kilvar Kessler at the Nordic-Baltic AML-2024 conference. His speech focused on setting up the European anti-money laundering agency AMLA, and on supervising crypto markets.
Finantsinspektsioon has been hiring increasing numbers of IT experts since 2002 and has excellent skills in IT risks he told the conference. The institution needs those skills for its everyday supervision work today and for the future when the crypto sector will come under the supervision of Finantsinspektsioon.
Supervision of the crypto market is starting to become very closely connected with the work of the European anti-money laundering agency AMLA, an institution that Finantsinspektsioon has always wanted to see set up. Mr Kessler said that what is important for AMLA is that supervision in different countries should be conducted using similar rules. “We have seen that similar rules, clients and financial products are handled differently by different institutions in different member states in the context of stopping money-laundering”, he said.
Kilvar Kessler was also present at the founding ten years ago of Europe's Single Supervisory Mechanism (SSM). “I can say from experience that different countries will have quite different attitudes and approaches during the initial phase of setting AMLA up, but these issues will be resolved in time”.
Finantsinspektsioon was represented by big hitters at the Nordic-Baltic AML-2024 conference. A panel on the new technologies used to stop money-laundering was moderated by the head of the Finantsinspektsioon Innovation Hub Mari-Liis Kukk. Head of the Finantsinspektsioon money-laundering department Liisi Mets will join a panel on AMLA on the second day.