December 19, 2018

EU agrees to strengthen the European Banking Authority’s oversight of AML risks

Ambassadors to the European Union announced that they have agreed to proposals to strengthen the oversight authority of the European Banking Authority over money laundering and terrorist financing risks in the EU.  One reported purpose of the reforms is to ensure that AML rules are applied effectively by all member countries, and to ensure that national regulators share information.  The plans include greater enforcement powers to investigate breaches and impose sanctions.  The European Parliament must agree to the measure before the proposals can be enacted.

EU press release