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...

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