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European Banks Welcome EU’s AML Plan, but with Key Changes

By Koos Couvée

European lenders want a broad overhaul of the EU's anti-money laundering framework amended substantially, including by making the proposed rules less prescriptive and adding provisions to support public-private partnerships, policy advisers for an influential trade group, the European Banking Federation, told ACAMS moneylaundering.com. Negotiations on the plans between the European Parliament, Council, which represents the EU's 27 national governments and Commission, the EU's executive branch, may carry on into 2023. After that, three more years will elapse before the new rules take effect and a planned bloc-wide regulator, the AML Authority, or AMLA, begins directly supervising higher-risk, systemically important banks...

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