EUROPEAN BANKING AUTHORITY: AML/CFT SUPERVISION IMPROVING BUT NOT ALWAYS EFFECTIVE

On 22 March, a release on Mondo Visione advised that the EBA has published the findings from its assessment of competent authorities’ approaches to the AML/CFT supervision of banks. Since the EBA started those reviews in 2019 and strengthened its AML/CFT guidance, national supervisors have started to adopt meaningful reforms to improve their AML/CFT supervision, but the EBA found that significant challenges remain in important areas such as the identification and assessment of money laundering and terrorist financing risks.

https://mondovisione.com/media-and-resources/news/anti-money-laundering-and-countering-the-financing-of-terrorism-supervision-is-i/

https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Reports/2022/1028593/Report%20on%20CAs%20approaches%20to%20AML%20CFT%20supervision.pdf

 

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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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