EU lawmakers and national leaders reached preliminary agreement Thursday on a plan to improve how European financial institutions are supervised for anti-money laundering purposes. The proposal, first pitched six months ago, would task the European Banking Authority, or EBA, an independent agency that primarily monitors prudential oversight across the European Union, with ensuring effective AML supervision as well, including by assessing how vigorously national regulators enforce rules against illicit finance. Strengthened powers for the EBA have been highly anticipated following a series of money-laundering scandals at European lenders such as Danske Bank and Swedbank's affiliates in Estonia, Finland's Nordea, Malta's...
The European Union's executive branch outlined a plan Wednesday to strengthen the role of the European Banking Authority, or EBA, in ensuring national regulators promptly and effectively take action against financial institutions that violate anti-money laundering rules.
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.
EU officials want prudential regulators to play a greater role in ensuring effective anti-money laundering supervision of financial institutions following a series of scandals in which European banks allegedly laundered billions of dollars for financial criminals.