EU National Watchdogs Told To Boost AML Defenses

Law360, London (October 4, 2019, 4:28 PM BST) -- Europe’s financial watchdogs told national regulators Friday to give more support to banks and insurers to help them prevent money laundering after they found weaknesses in the way that lenders monitor suspicious transactions.

The European Supervisory Authorities said they uncovered vulnerability in the controls that finance firms use to monitor suspicious transactions. Companies that process high volumes of money transfers are particularly weak when it comes to looking out for dirty money, the authorities said, leaving the bloc exposed to economic crime.

The three watchdogs — the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the...

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