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European Commission Unveils AML Data Exchange Pact with National Supervisors

By Gabriel Vedrenne

European officials published a draft agreement Tuesday to exchange anti-money laundering and other banking data with national authorities amid revelations that billions of dollars in suspicious funds flowed through lenders in Denmark, Malta and other EU nations in recent years. The agreement, which implements part of the European Union's Fifth AML Directive, is meant to ease the identification of transborder money-laundering schemes and bolster the bloc's fight against illicit finance, including by enhancing the influence of the European Central Bank, or ECB, over national banking supervisors. The ECB primarily serves to maintain the value of the euro and supervise the...

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