The European Union's planned new anti-money laundering agency will have broad powers to subject the bloc's "riskiest" financial institutions—and their national supervisors—to rigorous scrutiny, a draft regulation obtained by ACAMS moneylaundering.com shows.
EU officials want banks, financial intelligence units and other interested parties to weigh in on the growing number of public-private platforms through which financial services industry professionals and government agencies share data on suspected financial crimes.
Recommendations issued by Europe's data protection watchdog to ensure EU anti-money laundering reforms stay onside of privacy rules could benefit compliance departments, but only if regulators convert them into practical guidance, sources told ACAMS moneylaundering.com.