Europe's largest banking lobbyist on Tuesday pitched 20 proposals for revitalizing the EU's campaign against illicit finance, including plans to enhance cross-border and bank-to-bank exchanges of financial intelligence and know-your-customer data. The first of the proposals, which the European Banking Federation, or EBF, outlined together in a 40-page report ahead of the EU's next round of anti-money laundering reforms, mirrors EU plans to issue AML regulations that apply directly and uniformly across the bloc, and scrap the current system of directives that give nations flexibility to make those rules themselves. "It's one of the most important proposals to go towards...
The European Commission officially censured Spain, the Netherlands and six other nations Wednesday for failing to transpose the EU's latest anti-money laundering directive, 5AMLD, into national laws and regulations in time.
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