Bruna Szego Set to Be Confirmed as Chair of Europe’s Anti-Money Laundering Authority

Italy’s Bruna Szego is expected to be officially approved as the Chair of the European Union’s new Anti-Money Laundering Authority (AMLA) next week. Members of the European People’s Party (EPP), the largest political group in the European Parliament, have not raised any formal objections to her candidacy, despite earlier speculation.

Before the final plenary vote in Strasbourg on Wednesday, Szego’s appointment will first be considered on Monday evening by the Economic Affairs (ECON) and Civil Liberties (LIBE) committees. AML Intelligence reports that Szego is the sole candidate being presented for consideration by the committees.

According to the European Parliament’s agenda, an “exchange of views with Bruna Szego, the candidate proposed by the Commission for the position,” will take place during the committees’ meeting on December 16, between 19:00 and 20:00. This will be followed by a vote on the appointment between 20:00 and 20:30.

If approved by Parliament, Szego will require support from a qualified majority of national governments in the Council to officially assume the position.

AMLA’s Role and Structure

Based in Frankfurt, the AMLA is tasked with coordinating the actions of national financial intelligence units across the EU and directly supervising high-risk financial entities operating in multiple member states. Once confirmed as Chair, Szego will oversee both the General Board, which includes 54 members, and the six-member Executive Board, which plays a more decisive role in AMLA’s operations.

Recruitment for the Executive Board, offering a monthly salary of approximately €22,000, began in September, attracting strong interest from candidates including central bankers, lawyers, senior law enforcement officials, accountants, and regulators.

The five members of the Executive Board will have significant responsibilities, including:

• Making binding decisions about entities such as banks, fintechs, casinos, and football clubs;

• Ensuring compliance with AMLA regulations;

• Adopting strategic objectives, annual budgets, and performance metrics;

• Supervising the Authority’s operations;

• Appointing key roles, such as the Executive Director and Vice-Chair.

Successful candidates for the board must demonstrate robust management experience, specialist expertise in anti-money laundering and counter-terrorist financing, and strong personal qualities such as negotiation and communication skills. Applications for the Executive Board closed on September 27, 2024.

Recruitment Process and Geographical Representation

Interim leadership of AMLA currently falls to France’s Olivier Salles, an official with the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). Salles has led AMLA’s task force and overseen significant progress in building the agency’s structure and recruiting initial staff in areas such as technology, legal services, and finance.

Insiders suggest Salles could be a strong candidate for a permanent Executive Board role, though geographical balance will be a key consideration. With Szego’s appointment covering Italy’s representation, candidates from Denmark, Ireland, and Spain are considered likely contenders for other seats, alongside a potential German representative.

Germany’s Marcus Pleyer, who recently impressed MEPs, may emerge as a candidate despite earlier debates about German leadership within an EU agency based in Frankfurt.

By 2025, AMLA is expected to have 120 staff, growing to over 400 by 2027. The first hires will focus on IT and legal teams to establish operational infrastructure for regulatory staff.

Chair’s Compensation and Expectations

As AMLA Chair, Szego will earn a salary of approximately €290,000, exempt from national taxes but subject to EU solidarity taxes. The position entails significant responsibilities, including managing the Authority, chairing its boards, and representing AMLA in external engagements.

Applications for the chair role closed in July, with Szego emerging as the European Commission’s preferred candidate. If confirmed, her leadership will play a pivotal role in shaping AMLA’s mission to enhance EU-wide efforts against money laundering and terrorist financing.

By fLEXI tEAM