European Council Backs Beefed-Up EBA For Anti-Money Laundering

European Union member states have agreed to allow the bloc’s banking regulator to sanction financial institutions directly for anti-money laundering (AML) breaches if competent national authorities fail to act.

The admission is contained in a finalised position that the European Council will take into negotiations with the European Parliament and European Commission, on a sweeping proposal to beef up the European Banking Authority’s (EBA) supervisory powers.

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