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EU Regulators to Use Bank-Account Registers to Probe AML Breaches: Officials

By Manju Manglani

EU lawmakers are finalizing plans for central bank-account registers that would be directly accessible to financial regulators and law enforcement to investigate money laundering and penalize banks for compliance breaches, say officials and analysts. In an impact assessment this month, the European Commission said it was seeking industry feedback by next month on its plan to expand access to national bank-account registries in the European Union to law enforcement agencies, as well as to asset-recovery, tax-administration and anti-corruption authorities. The Commission said in the assessment that there were no "substantial" changes to proposed EU legislation that would establish centralized, national...

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