EBA Faces Calls For Revamp After Dropping Danske AML Case

Law360, London (April 29, 2019, 5:17 PM BST) -- The European Union’s financial regulation chief has criticized the bloc's top banking watchdog for closing an investigation into a suspected €200 billion ($223 billion) money laundering scandal at Danske Bank, as he called on Monday for an overhaul at the regulator.

The European Banking Authority has ended a probe into whether Denmark and Estonia’s financial regulators failed in their obligations to properly supervise Danske Bank in relation to a money laundering scandal after finding they did not breach European Union law.

But the decision by the EBA to end the investigation has drawn criticism from Valdis Dombrovskis, the European Commission vice-president responsible...

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