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European Banking Authority pushing for AML action at Member States level

During the last couple of months, European authorities have bring their attention back to Anti-Money Laundering as a main EU treat.

Following numerous scandals showing systemic weakness in the system and the findings of the “lessons learnt” report which noted the lack of harmonisation and the inconsistent enforcement as main issues, now EBA is stepping in supporting a previously produced idea which would transfers AML supervision at EU level.

The Chairperson, Mr. Campa, noted that EBA could play a major role in the implementation of Eu Directives if sufficient powers were allocated to the Banking supervisor.

One of the primary elements of effective supervision is the withdrawal of licences upon major violations (Mr. Campa noted), which would mean a similar administrative power than the one delivered to Data Protection Authorities to stop operations.

On his statement, Mr. Campa noted the role future role of EBA as a more committed agency with further powers taking steps towards direct implementation and repression when it comes to the AML universe.

Source

https://eba.europa.eu/documents/10180/2925686/2019-09-05+-+Introductory+statement+of+the+EBA+Chairperson+Jose+Manuel+Campa.pdf

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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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