EBA Calls For New Laws As Fintechs Face Fragmentation

The European Banking Authority (EBA) has called for new legislation after finding fintechs passporting across member states are held back by fragmented regulatory oversight, including rules on remote on-boarding, customer due diligence and supervision.

In a report published on Tuesday, the EU’s banking and payments regulator set out its support for harmonised rules around anti-money laundering (AML) and counter-terrorist financing (CTF), as well as complaints handling, authorisation and licensing.

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