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European Central Bank chairman calls for AML supervision to be moved to EU level

While voices continue to demand a more harmonised approach to the fight against money laundering, the ECB board declined to further process the Russian Laundromat scandal.

Nonetheless, the Chairman of the ECB Mr. Andrea Enria, called the EU to show that they are committed to the fight against financial criminality by stating:

“If you want to be serious about this issue you need to have the courage to move these responsibilities to the European level and to strengthen these much more,” 

Recent reports show that member states find hard to enforce measures to large corporations making an uneven play ground in which the States are under the influence of large players and cannot exercise effective control.

Scandals such as Danske Bank showed that the lack of harmonisation in the application of AML law id facilitation de actions of criminals and putting at risk the stability of the Union.

As per the reported information Mr. Enria said that the only effective and harmonic way to effectively fight against criminality is to move supervision to EU level, and by accepting the merge of smaller institutions into larger ones able to afford more robust controls.

Source

https://www.reuters.com/article/us-ecb-banks-m-a/eu-should-take-over-supervision-of-bank-money-laundering-risks-ecbs-enria-idUSKCN1S914H

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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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