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EU proposes new money laundering rules

Neil Hodge | September 14, 2018

The European Commission wants to strengthen supervision over banks and other financial institutions to toughen up its fight against money laundering and terrorist financing after admitting that present measures have “failed all too often.”  

The EU has proposed giving the European Banking Authority, the bloc’s supervisory body for financial services, a powerful new mandate to monitor what firms are doing to tackle money laundering

These powers include asking national regulators to investigate potential material breaches and to impose sanctions where necessary. If regulators fail to act, the EBA can override them and tackle individual banks for their failings directly.  

Other, more general, measures include enhancing the quality of supervision through common standards, periodic reviews of national supervisory authorities and risk-assessments, as well as improving information collecting and...

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