Cross-Border EU Firms Set For Closer Supervision

Authorised payment service providers established in three or more EU member states will be subject to supervision by a club of regulators from each jurisdiction, under new guidelines that come into force next year.

Post-mortems of a slew of recent money laundering scandals at European banks have revealed that poor communication between national supervisors allowed insufficient anti-money laundering (AML) processes to go unchecked.

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