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European Bank Authority to be reassessed

After the EBA board decided to drop the investigation over the jurisdictions linked to the Russian Laundromat, EU political bodies have decided to take action and to ensure that proper oversight.

EBA has defended its position to not proceed with the investigation in a number of letters to the different authorities (as reported)

The board recognised that there were shortcomings but considered that the same were not direct violations of EU laws.

On the other hand, the EU commission Vice President noted: “It is disappointing that the board of supervisors of the EBA did not act on one of the biggest money-laundering scandals in Europe,” 

This episode of the Danske Bank scandal may be the first step into a political and administrative reform at EBA level.

Source

https://www.riskscreen.com/kyc360/news/eba-decision-to-drop-dankse-bank-probe-draws-calls-for-eu-legislation/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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