EU Finance Watchdogs Urged To Swap Bank AML Data

Law360, London (November 4, 2020, 2:26 PM GMT) -- The European Banking Authority urged financial regulators on Wednesday to exchange information about how banks handle money laundering risks as it works to strengthen the fight against the flow of dirty money.

Money laundering and terrorist financing can damage the financial stability of a bank and the integrity of the financial system in which it operates, the EBA said as it published in an opinion.

Regulators can step in if they fear a lender is not being run properly and must ensure that they have sufficient resources to face the risks they take.

"The EBA expects prudential supervisors to cooperate effectively and in...

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