EU Watchdog Warns Against Applying AML Rules Too Broadly

By Lucia Osborne-Crowley (January 5, 2022, 2:30 PM GMT) -- Europe's banking watchdog warned on Wednesday that finance firms should avoid applying anti-money laundering and terrorist financing rules too broadly to specific categories of clients, saying this could result in legitimate consumers being excluded.

The European Banking Authority said it is concerned that banks and other financial firms are being too general when they screen clients for money laundering concerns — a process known as de-risking.

"De-risking, especially if it is unwarranted, has a detrimental impact on the achievement of the [European Union's] objectives, in particular in relation to fighting financial crime effectively, promoting financial inclusion and competition in the single...

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