Szego noted that while the insurance sector is often considered lower risk for money laundering and terrorist financing, it still requires a proportionate and forward-looking supervisory framework. She stressed that supervisory convergence is not about uniformity, but alignment in managing risks across sectors.
The Chair presented AMLA's five long-term ambitions: ambition, cooperation, technological responsiveness, transparency and accountability, and global engagement. She highlighted the importance of working closely with national authorities, FIUs, EU institutions and the private sector, while positioning AMLA as an international reference point over time.
Turning to progress, Szego noted that AMLA had secured its Frankfurt headquarters, set up governance structures, and recruited its first 30 staff, with recruitment on track to reach 120 by year-end. The Authority has formalised partnerships with the European Supervisory Authorities and the ECB, and is developing the IT systems needed for its supervisory and FIU functions.
On direct supervision from 2028, Szego addressed whether insurers might be among the 40 financial institutions selected. She explained that selection will depend on a risk assessment model, noting that while most insurers are lower risk, certain cases such as private life insurance with high-net-worth clients or bancassurance groups may require closer scrutiny. She also outlined work underway on technical standards for coordination with national supervisors and the development of a centralised AMLA database.
Szego concluded by emphasising that AMLA's approach is one of collaboration and coordination, not centralisation, with supervisory intensity matched to real-world risk.