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EU Agrees To Hand Greater AML Supervisory Power To EBA

Law360, London (December 19, 2018, 5:28 PM GMT) -- European Union ambassadors said on Wednesday that they have agreed to proposals that will strengthen the European Banking Authority's oversight of money laundering risks in the bloc's banks, in light of a string of European scandals.

The ambassadors waved through measures agreed to by the European Council earlier this month that will give the EBA more power to monitor money laundering and terrorist financing threats in the EU. This is aimed at ensuring that anti-money laundering rules are effectively applied in all member states and that national regulators are exchanging information.

Under the agreed-to text, the EBA will take on the...

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