EBA PAVES THE WAY FOR SETTING UP AN AML/CFT CENTRAL DATABASE

On 20 December, the European Banking Authority advised that it has published its draft Regulatory Technical Standards (RTS) on a central database on AML/CFT in the EU.  The European Reporting system for material CFT/AML weaknesses (EuReCA) will be a key tool for coordinating efforts to prevent and counter money laundering and terrorism financing in the EU.  The EBA will use EuReCA to provide information on risk affecting the EU’s financial sector. It will also share information from the database with competent authorities as appropriate, to support them at all stages of the supervisory process, and in particular if specific risks or trends emerge.  EuReCA will be an early warning tool, which will help competent authorities to act before the risk crystalise. As such, EuReCA will be key to strengthening AML/CFT supervision and to coordinating efforts to prevent and counter money laundering and terrorism financingin the EU.

https://www.eba.europa.eu/eba-paves-way-setting-central-database-anti-money-laundering-and-countering-financing-terrorism

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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