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.
