Conduct, AML Top Risks In Banking Sector, ECB Official Says

Law360, London (August 21, 2017, 4:47 PM BST) -- The European Central Bank's supervisory arm ranks conduct risk as a key priority for the EU banking sector, and will treat weakness in internal controls and governance, including breaches of anti-money laundering law, as a reason for imposing higher capital requirements on firms, a senior official has said.

Daniele Nouy, the head of the ECB's Single Supervisory Mechanism, said on Friday that EU law gives the central bank the power to impose tougher capital and liquidity requirements on banks caught up in money laundering scandals or to revoke their authorization to operate in the single market.

Nouy was responding to a...

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