Compliance Weekly Notes
Jul 6 – Jul 12 · 2026-W28
3 events this week
⚡⚡⚡ SUPERWEEK Compliance
⚡⚡ Hormuz crisis reignites Markets
⚡⚡ Iceberg named industry standard + Lakestream validated Data Engineering
🧠 Feynman Takeaway
AMLA publishes first ITS for direct supervision. EU AMLR core framework applies. Countries transpose AMLD6. Fed proposes AML program reforms. THE biggest AML week of 2026.
AMLA Publishes First ITS for Direct Supervision
In plain English
The EU Anti-Money Laundering Authority published its first Implementing Technical Standards, establishing Joint Supervisory Teams and beginning the selection process for cross-border entities that would be directly supervised by AMLA starting 2028. This was the most significant supranational AML development in history.
Analogy
AMLA is like an EU-wide FBI for money laundering. For the first time, a single European agency will directly supervise the biggest, riskiest financial institutions — rather than relying on 27 different national regulators.
Why it matters
This was the culmination of years of EU AML reform. The operational launch of AMLA direct supervision changes the European AML landscape forever.
EU AMLR Core Framework Applies + AMLD6 Transposition
In plain English
The EU AML Regulation (AMLR) core framework officially applied — a single rulebook replacing the patchwork of national implementations. Simultaneously, France, Germany, Netherlands, and Spain transposed AMLD6 into national law.
Analogy
Before AMLR, EU AML rules were like 27 different rulebooks for the same game. Now there's one rulebook that everyone follows. AMLD6 is the enforcement directive — the 'if you break the rules, this is what happens' part.
Why it matters
The combination of AMLR (single rulebook) + AMLA (single supervisor) + AMLD6 (enforcement) creates a truly unified EU AML framework for the first time.
Fed Proposes AML Program Reforms
In plain English
The Federal Reserve Board proposed amendments to AML program requirements for state member banks, bank holding companies, and foreign banking organizations. Key changes: risk-based resource allocation, effectiveness-based supervision, board approval requirement, US-based compliance officer for foreign banks, and explicit AI/ML encouragement.
Analogy
The Fed said: 'Stop checking every box equally. Focus your compliance energy where the real risk is. And by the way, AI is welcome here.' This was the biggest US AML reform since the PATRIOT Act of 2001.
Why it matters
Together with FinCEN's April proposed rule and the GENIUS Act, this created the most significant US AML transformation in a generation. The three-legged stool: risk-based allocation, effectiveness-based supervision, and technology encouragement.