##ntial supervision within the single supervisory mechanism, to the extent that it could be useful in establishing the eu - level aml / cft supervision. i would like to highlight that the criteria for identifying the selected entities that will be under the direct supervision of the future aml authority are relatively strict. the commission envisages that only between 12 and 20 obliged entities will meet these criteria. based on its experience, the ecb would strongly support amending these criteria such that a wider pool of obliged entities would be directly supervised by the aml authority, including entities headquartered in each member state. this would promote a common supervisory culture and convergence of aml / cft supervisory practices. also, considering the strict, risk - based nature of the selection criteria, the publication of the list of selected obliged entities would be tantamount to indirectly disclosing the high money laundering risk status of selected supervised entities, sending unintended signals to the markets or creating reputational issues for selected obliged entities directly supervised by the new aml authority. the most prominent element of the ecb opinions is the analysis of the proposed limit to cash payments. while the proposed limit of €10, 000 euro does not appear problematic, the ecb brings several considerations to the attention of the co - legislators with a view to protecting the legal tender status of euro banknotes, in line with the jurisprudence of the court of justice of the eu. let me now hand over to my colleagues who will present the ecb opinions in greater detail. 2 / 2 bis central bankers'speeches

frank elderson : towards a stronger anti - money laundering / combating the financing of terrorism ( aml / cft ) framework in the eu welcome address by mr frank elderson, member of the executive board of the european central bank and vice - chair of the supervisory board of the ecb, during a seminar presenting the ecb opinions on the proposed regulation establishing the aml / cft authority, aml regulation, the sixth aml directive and the funds and crypto - assets transfers regulation, brussels, 23 february 2022. * * * the eu framework for the prevention of the use of the financial system for the purposes of money laundering and terrorist financing already has a long history. it is more than 30 years now since the first anti - money laundering directive was published in june 1991. since then, the framework has undergone many improvements, with the previous – fifth – aml directive being published in may 2018. the framework grew both in terms of the number and the forms of the regulatory instruments involved, incorporating both regulations and directives, as well as regulatory technical standards and guidelines developed by the european banking authority ( eba ), european securities and market authority and the european insurance and occupational pensions authority. nevertheless, the aml directive has remained the core of the legal framework. the ecb provided opinions on many of those legislative proposals. the ecb does not and cannot have any mandate to exercise anti - money laundering and countering the financing of terrorism ( aml / cft ) supervision. however, as my ecb supervisory board colleague edouard fernandez - bollo aptly articulated in a recently published blog post : “ some things matter to you, even if you are not directly responsible for them. ” the eu aml / cft framework affects the ecb ’ s tasks relating to the prudential supervision of banks, as well as the tasks that fall within its central banking mandate. in particular, it is important for the ecb to factor the outcomes of aml / cft supervision into its prudential supervisory processes. the risk of the use of the financial system for money laundering or terrorist financing is relevant for ecb prudential supervisory decisions on acquisitions of qualifying holdings in supervised entities, granting and withdrawing authorisations to credit institutions, and suitability assessments of existing or prospective managers of supervised entities. the outcomes of aml / cft supervision are also reflected in day - to - day supervision as part of the supervisory review and evaluation process. since the exchange