ECB Right To Pull Bank License Over AML Breaches

By Joel Poultney (June 22, 2022, 5:25 PM BST) -- The European Central Bank was justified in stripping an Anglo-Austrian lender of its license amid allegations of money laundering and failures in compliance, a European court ruled on Wednesday.

The European Union's General Court dismissed a claim brought by AAB Bank that the ECB acted unlawfully by withdrawing its license in 2019 because of regulatory breaches and compliance failures.

The private bank wanted its authorization as a credit institution to be returned, saying the breaches were not as serious as alleged and that the central bank of the eurozone had no jurisdiction for withdrawing the license.

But the court rejected the...

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