The European Commission (EC) has proposed the creation of an EU-wide anti-money laundering authority (AMLA) with powers to directly supervise the highest-risk cross-border financial firms. According to Reuters, non-compliant firms could risk penalties up to EUR10 million or 10 per cent of their annual turnover. The AMLA would aim to launch in 2024. The EC has also drafted a Sixth Anti-Money Laundering Directive; a new AML regulation covering customer due-diligence and beneficial ownership, directly applicable to Member States; a revision of the funds transfer regulations to enable tracing of crypto-assets and an EU-wide limit of EUR10,000 on cash payments ...