EBA Progresses With AML Database Of Firms' Weaknesses

By Irene Madongo (December 21, 2021, 10:31 PM GMT) -- The European Banking Authority has fleshed out its proposed standards for a planned database of potential anti-money laundering risks at financial firms, including specifying how information for the program will be collected.

The regulator on Monday said this year it consulted on its draft technical regulatory standards for the upcoming system, and respondents asked for more information about some aspects of the new program, including for clarify on definition of material weaknesses.

The EBA has said the database will have details of material anti-money laundering and counter-terror financing, or AML/CFT, weaknesses in financial sector operators.

The European Union authority explained that...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!