Plans to improve communication between national regulators on the compliance programs of financial institutions operating in one or more nations in the European Union will illuminate common shortcomings and help harmonize supervision throughout the bloc, say sources. Final guidelines issued this month by the European Banking Authority, or EBA, outline the AML controls required to provide payment services in the 28-nation bloc, and follow the European Commission's adoption of an EBA plan for better communication between national authorities tasked with reviewing the accuracy of claims financial institutions make about their anti-money laundering programs when applying to "passport" their services across...
Several London-based banks are considering establishing back offices within other European countries to maintain access to the EU market should the United Kingdom's plan to leave the economic bloc go forward.
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