Bruna Szego Appointed as Head of EU’s Anti-Money Laundering Authority

Bruna Szego, 57, has been appointed as the new chief of the European Union’s Anti-Money Laundering Authority (AMLA). A native of Savona, near Genoa in northern Italy, Szego brings a distinguished career and extensive expertise to her new role.

Szego’s academic journey began in Rome, where she earned a law degree with honors from LUISS University in 1989, focusing her thesis on commercial criminal law. Her career trajectory saw a significant milestone in June 2022 when she was appointed Head of the Anti-Money Laundering Supervision and Regulation Unit at the Bank of Italy. Reporting directly to the Governing Board, her appointment coincided with the EU’s intensified efforts to combat financial crime, positioning her as a strong candidate for AMLA’s leadership.

Italy’s unsuccessful bid to host AMLA’s headquarters in Rome played a pivotal role in Szego’s candidacy. With Frankfurt selected as AMLA’s base, some EU Member States, including France, expressed hesitancy about appointing a German candidate, such as Marcus Pleyer, as chair. “The fact AMLA was based in Frankfurt made some of the Member States, particularly France, uneasy about appointing a German chair,” one source revealed.

Conversely, Italy’s robust track record in tackling organized crime and its pioneering role in defining money laundering offenses strengthened Szego’s appeal. “Italy probably has the world’s best record on taking on organized crime and practically invented the offense of money laundering, which makes Bruna a very strong candidate for many countries,” the source added.

A senior EU financial crime expert echoed these sentiments, praising Italy’s contributions to anti-financial crime initiatives and Szego’s leadership potential. “There is a very good impression of Banca d’Italia in anti-financial crime and supervisory circles. Furthermore, they have a strong FIU. An Italian in charge is a safe pair of hands,” they said.

Colleagues describe Szego as bright, confident, and capable of leading effectively. “She has been a very strong candidate. She is liked and is charming with a capacity to lead. I think she will be well up to the task,” remarked an EU central banker. Her candidacy also received strong backing from Italian Prime Minister Giorgia Meloni, who rallied support from other Member States.

Szego has made significant contributions to the field of financial crime and banking regulation. She has authored articles, delivered speeches at conferences, and represented the Bank of Italy at parliamentary hearings. According to her profile on Banca d’Italia, she initially joined the bank in its Banking Supervision division. There, she contributed to shaping both domestic and European regulatory frameworks for non-bank financial intermediation and helped draft Italy’s Consolidated Laws on Banking and Finance.

Her career includes various prestigious roles, such as alternate member of the Single Resolution Board within the Single Resolution Mechanism, member of the Resolution Committee of the European Banking Authority (EBA), and member of the ESRB’s Advisory Technical Committee. Szego is also an alternate member of the EBA’s Board of Supervisors and a member of its Standing Committee.

Early in her career, Szego was part of the Law and Economics Unit, focusing on corporate governance, civil justice, and finance for growth. She participated in European projects on corporate and financial market law and contributed to reforms in Italian corporate and bankruptcy laws.

In 2007, she returned to the Supervision Area, becoming Head of Division in the Supervisory Regulations and Policies Department in 2008. Her responsibilities included overseeing regulations on bank corporate governance, remuneration systems, and customer protection. By 2014, she had risen to senior management in the Regulation and Macroprudential Analysis Directorate, where she coordinated efforts to implement new European rules on bank crises. She was appointed Deputy Head of the Directorate in 2016 and became its Head in 2017.

Szego’s impressive background, extensive regulatory experience, and proven leadership make her a strong choice to lead AMLA as the EU intensifies its efforts against financial crime.

By fLEXI tEAM