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EBF feedback to the European Commission’s proposed AML Package
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BRUSSELS, 10 January 2022 – The EBF has provided feedback to the European Commission’s proposed AML Package (AML Regulation, AMLD6, AMLA Regulation, Recast FTR)
The European Banking Federation (EBF) is fully supportive of the Commission’s overarching objective to address the ineffectiveness of the current EU AML framework. Bearing in mind the necessary lead-time and efforts to get the AML Package adopted and implemented, this momentum is a unique opportunity to improve the framework.
According to the EBF, a paradigm shift is needed. This consists in moving away from the existing legalistic and bureaucratic tick-the-box approach which generates massive flows of irrelevant data that Financial Intelligence Units cannot exploit in an efficient manner. Some of the steps proposed in the package are going in the right direction, notably by addressing the existing regulatory and supervisory fragmentation, as well as extending transparency requirements to crypto-assets and crypto-asset service providers.
While the standardisation of key customer identity information for KYC purposes and beneficial ownership information introduced with the proposed AML Regulation is a positive move, the approach is too prescriptive, and the discretion left to the Member States in adopting additional measures may lead to gold-plating, reintroducing fragmentation. Besides, the proposed AMLD6 maintains the status quo about Beneficial Owner (UBO) registers. In the EBF’s view, UBO registers need to be not only harmonised and interlinked, but also significantly strengthened.
The set-up of a new EU AML Authority (AMLA) is a crucial component of this package. It is hence of great importance that it brings true value to the effective fight against financial crime and does not simply introduce another layer of ex-post reporting.
The EBF maintains that it is key to develop an intelligence-led approach to effectively mitigate money laundering risks and detect financial crime. However, the package does not address some fundamental dimensions of information sharing which must leverage new technologies and involve all actors of the AML framework, including law enforcement and public-private partnerships.
For more information:
Roger Kaiser, Senior Policy Adviser – Fiscal & Anti-Money Laundering, R.Kaiser@ebf.eu
Eduard Hovsepyan, Policy Adviser – Anti-Money Laundering, e.hovsepyan@ebf.eu
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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
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]]>EBF PRESS RELEASE
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EBF supports EU’s latest efforts in fight against financial crime
BRUSSELS, 20 July 2021 – The European Banking Federation (EBF) today expressed support for the objectives of the European Commission’s Anti-Money Laundering and Countering the Financing of Terrorism Package which aims to strengthen the fight against financial crime in Europe. The banking industry representative also emphasised the need for some specifications to be laid down to ensure that the new EU AML Authority plays a useful role in preserving the integrity of the European Union’s financial system and the security of its citizens.
The EBF is pleased to learn that the recommendations outlined in its AML Blueprint have to a large extent been taken into consideration by the European Commission, demonstrating a common view on key topics. Regulatory harmonisation and enhanced coordination of Financial Intelligence Units proposed in the package will create synergies, facilitating the work of law enforcement and competent authorities. With the harmonisation of customer due diligence rules proposed by the Commission, multinational banking groups will be able to develop more consistent group-wide policies and processes. A clear cut between the AML Directive and the AML Regulation included in the package will be necessary to avoid any duplication of obligations under both legal instruments, as well as gold plating by the Member States and new divergences across the EU.
The set-up of the new EU AML Authority will be critical. For the new Authority to bring value, it must facilitate information exchange and help detect cross-border criminal activities. Properly calibrating the scope and competencies of direct supervision of selected entities will be crucial. The agency should also avoid overlaps and duplications with national supervisors as well as ensure coverage of the non-financial sector. The selection of supervised entities should follow a risk-based approach rather than focusing on the size of entities. It is essential to note that the largest entities are not always the ones carrying the largest AML/CFT risk. Adequate staffing and funding of the new authority will likewise be important. However, the duplication of banking levies should be avoided. Contributions should also be requested from other regulated financial and non-financial businesses and professions.
It is crucial to ensure that today’s package is followed by appropriate actions to enable information sharing, fostering Public-Private Partnerships and supporting the wider use of machine learning and AI technologies in the AML/CFT space, including the setting up of data sharing utilities. Personal data protection rules are often interpreted too restrictively and must be re-calibrated to ensure more balanced interactions between the AML/CFT framework and the GPDR.
“The success of the Package will now depend on the ability of the Parliament and the Council to translate the proposals into a much more effective AML/CFT framework, clarifying the grey zones in the rulebook and supporting effective cross-border cooperation, information sharing and public-private partnerships,” says Wim Mijs, CEO of EBF. “For the EU AML Authority to effectively contribute to the fight against financial crime, it must make information exchange easier and help detect cross-border criminal activities. It is important to stress that this objective cannot be achieved by simply introducing another layer of ex-post reporting,” he added.
European banks are committed to the fight against money laundering and terrorism financing. Public and private stakeholders must continue to build trust and work hand in hand. The EBF remains at the forefront of this fight and stands ready to provide input on the proposed Directive and Regulations and advice that are necessary to get them right.
For more information:
Ruta Barthet, Senior Media and Communications Officer
r.barthet@ebf.eu
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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
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The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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INDUSTRY JOINT COMMUNICATION
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EBA feasibility study of an integrated reporting system under Article 430c CRR: Industry Joint Communication
BRUSSELS, 16 June 2021 – The European Banking Federation (EBF), the European Association of Co-operative Banks (EACB), the European Association of Public Banks (EAPB) and the European Savings and Retail Banking Group (ESBG), representing the entirety of the European banking industry, have individually submitted responses to the EBA consultation on the feasibility of an integrated reporting system for regulatory reporting. The banking associations stress how critical it is to improve the efficiency of reporting in Europe. The banking industry has been calling for the creation of an integrated and standardized framework for data reporting in order to improve the quality of data while reducing the reporting burden for the industry without reducing the information content for authorities.
The banking associations welcome the work done by the EBA, in coordination with all other relevant authorities, towards the assessment of the feasibility of such integrated reporting system for collecting statistical, resolution and prudential data. Banks in Europe are strongly committed to working together and to working with all authorities to turn this vision into reality ensuring the new system is feasible for both authorities and industry. While dialogue takes place towards identifying the most suitable way forward, we encourage the EBA to continue giving proportionality the required relevance in the discussion.
An efficient solution needs to be built around the following principles:
- Define Once: using a single data dictionary with all the data definitions.
- Report Once: enhancing reusability and interoperability of the data.
- Share Information: amongst the authorities instead of asking several times for data that has been already provided.
- Enhanced Governance: including the advice of the industry as the main stakeholder in every new data request.
Furthermore, the banking industry calls authorities to target as first concrete action the establishment of the Joint Committee, with involvement of the industry, to begin steering the main aspects of the integrated reporting system. A timely and proper functioning of the Joint Committee is key to move the project forward and start assessing all technical aspects with the development of a single EU data reporting dictionary. This is the cornerstone of an integrated and standardized EU framework, and therefore the top priority. Any further step should also aim to provide a long-term timeline to facilitate the assessment of the impact of the proposal.
The industry appreciates the complexity and long-term perspective of such an ambitious project. At the same time, we believe it is time to put all efforts to work towards a streamlined system.
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For more information
Francisco Saravia, Senior Policy Adviser – Prudential Policy & Supervision, f.saravia@ebf.eu
Media contact:
Ruta Barthet, Senior Media and Communications Officer, r.barthet@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>EBF BLUEPRINT
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EBF presents recommendations for a fairer and more efficient EU tax framework
BRUSSELS, 20 May 2021 – The European Banking Federation today presented its blueprint with recommendations for a fairer and more efficient EU tax framework.
The report identifies four priorities that need to be addressed:
- COMPLY with well calibrated tax reporting;
- SIMPLIFY withholding tax procedures;
- NEUTRALISE VAT distortions and other undue tax disincentives;
- RING-FENCE banking activities from other highly digitalized businesses when designing new corporate tax rules.
Based on these four priorities, the EBF has formulated 10 concrete policy recommendations that are elaborated in the 48-page EBF blueprint ‘Recommendations for a fairer and more efficient EU tax framework’.
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For more information
Roger Kaiser, Senior Policy Adviser – Fiscal & Anti-Money Laundering, r.kaiser@ebf.eu
Media contact:
Ruta Barthet, Senior Media and Communications Officer, r.barthet@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>EBF joins Europol’s No More Ransom campaign
BRUSSELS, 26 July 2019 – The European Banking Federation together with its member bank associations, has joined the No More Ransom campaign, a public-private project launched in 2016 offering free decryption tools for ransomware victims and awareness material. Ransomware is a type of malware that blocks a user’s device until a certain amount of money is paid by the victim, often in cryptocurrencies. Ransomware and other forms of online extortion are surging rapidly across the world, costing individuals and businesses billions each year.
Today at the three year anniversary of No More Ransom, more than 200,000 victims of ransomware recovered their files free of charge. This year alone, Europol added 14 new types of tools on its online portal www.nomoreransom.org. Through this portal, victims can decrypt up to 109 different types of ransomware infections, instructed in 35 languages. GandCrab, one of the most harmful and widespread threats globally, was the first to get its decryption tool in February 2018. Since then nearly 40,000 people have successfully decrypted their files, saving roughly €50 million in ransom payments.
As main targets of cyber attacks, banks are dedicated to maintain high levels of security on all fronts. Bank security and policy experts are convinced that the best way to keep up with the rapid evolution of cyber crime is the close cooperation with public authorities. The No More Ransom Campaign is another example of effective collaboration between law enforcement and private sector. Thanks to the campaign, European banks will be able to raise further awareness and protect their organisations and customers against the rise and amount of cyber criminals and their sophisticated methods.
Europol press release – No More Ransom: 108 million reasons to celebrate its third anniversary
No More Ransom flyer – Need help unlocking your digital life?
No More ransom webpage: www.nomoreransom.org
Media contact:
Nahuel Mercedes, Communications Officer, +32 2 508 37 48, n.mercedes@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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]]>European Banking Summit opens door to Positive Future
- Randal Quarles, Elke König and José Manuel Campa confirmed speakers
- Sustainable profitability and innovation in focus 2-3 October in Brussels
- EBF Cybersecurity Conference 1 October, Markets4Europe launch 2 October
- Programme: europeanbankingsummit.com
BRUSSELS, 17 September 2019 – Under the title ‘BUILDING A POSITIVE FUTURE FOR EUROPE’, the European Banking Federation will host its 2019 European Banking Summit on 2 and 3 October in Brussels. The summit is the EBF’s flagship annual high-level conference.
This year, the approximately 300 delegates that are due to attend will hear a range of views on all key aspects facing the banking sector, including the low levels of profitability, the fight against money-laundering, sustainable finance, innovation in payments and financial services, and upcoming changes in EU financial regulation.
In addition to EBF President and Unicredit CEO Jean Pierre Mustier, the list of confirmed speakers includes Dr Elke König, Chair of the Single Resolution Board; Randal Quarles, Chair of the Financial Stability Board and Governor and Vice Chair for Supervision, U.S. Federal Reserve System; Frank Elderson, Executive Director of the Dutch central bank and Chair of the Network for Greening the Financial System; José Manuel Campa, Chair of the European Banking Authority; as well as DG FISMA directors Mario Nava and Martin Merlin of the European Commission.
The two-day summit programme includes discussions and expert panels on the use of technology to fight financial crime, on open data in financial services, on innovation for responsible banking, and will conclude with a high-level panel looking ahead to the next five years in European banking.
Delegates and attendees are invited to delve deeper into specific aspects of banking during parallel sessions in the morning of 3 October. This programme includes sessions on the use of ‘RegTech’ in data reporting; on financing the circular economy; on fintech in sustainable finance; on cloud banking; and technology in retail banking.
This year’s summit will hear voices of a wide range of stakeholders in financial services. Speakers representing financial watchdogs, transparency groups and consumer advocates have been invited for a public dialogue with leading bankers on the role of banks in society.
Says Wim Mijs, Chief Executive Officer of the EBF:
“Banks are all about serving society with sound and stable financing for households and businesses. To properly run their own business, banks need to be profitable and sustainable. In a bank-financed economy like Europe this is important to understand. Dialogue – especially with those who have a different perspective – can foster that understanding. I much look forward to this discussion.
“The people in our industry in Europe are all keen to build a positive future. That’s why we – as EBF – work closely with EU regulators, legislators and other stakeholders every day again. This year’s European Banking Summit brings this all together.”
During the morning of Wednesday 2 October, the venue of the summit will be used for the launch conference of Markets4Europe, a European-wide private-public sector campaign aiming at proposing game-changing solutions to develop and integrate capital markets in Europe as part of the 2019-2024 EU legislative agenda. More information about this campaign is available via www.markets4europe.eu.
The annual EBF Cybersecurity Conference takes place on Tuesday 1 October, one day before the European Banking Summit. This event is the leading annual event in Brussels on cybersecurity in the financial sector. Field experts from banks, policymakers, supervisors and the ICT security industry come together to discuss the rapidly evolving cyber trends and challenges with a specific focus on banking. Special features this year include a deep dive on cyber resilience in the banking sector by leading international and European experts, and the digital priorities of the new European Commission. More information: https://www.ebf.eu/events/cybersecurityconference2019/
Media contact:
Journalists interested in interview opportunities during the European Banking Summit, the Markets4Europe launch and/or the EBF Cybersecurity Conference may contact:
- Nahuel Mercedes, Communications Officer, +32 474 981361, mercedes@ebf.eu
- Raymond Frenken, Head of Communications, at +32 496 525947, frenken@ebf.eu
About the European Banking Federation:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post European Banking Summit opens door to Positive Future appeared first on EBF.
]]>CONSULTATION RESPONSE
Preventing money laundering and terrorist financing – EBF responds to EU consultation
BRUSSELS, 26 August 2020 – The European Banking Federation has responded to the European Commission consultation on an action plan for a comprehensive European Union policy on preventing money laundering and terrorist financing (AML/CFT).
The EBF fully supports the Commission’s overarching objective of addressing the inefficiencies of the current EU AML/CFT framework. The EBF believes that the action plan is going in the right direction and appreciates that it is in many aspects very much in line with the AML Blueprint published in March by the EBF.
To constructively contribute to this consultation, the EBF has conducted a gap analysis to identify in the light of our Blueprint those topics where the EBF has further input to provide. The EBF’s detailed answers to the questions of the consultation paper on the 6-pillar Action Plan.
Click here for the EBF response submitted in the EU consultation
Click here for the EBF’s AML Blueprint
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Media contact:
EBF Media Centre, press@ebf.eu, +32 2 508 3732
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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post Preventing money laundering and terrorist financing – EBF response to EU consultation appeared first on EBF.
]]>EBF PRESS RELEASE
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EBF presents recommendations on fighting dirty money in EU
- EBF Blueprint published: ‘LIFTING THE SPELL OF DIRTY MONEY’
- Banks recommend: HARMONISE, COOPERATE, EMPOWER, BE SMARTER
- EU/EEA entities need reinforcing, better cross-border coordination
BRUSSELS, 10 March 2020 – As the European Commission is preparing its next steps towards creating a solid EU framework for fighting money launderers, the European Banking Federation today presented its blueprint with recommendations for an effective EU’s Anti-Money Laundering policy, known as AML.
The report identifies four priorities that need to be addressed. In concrete terms, the EBF suggests to:
- HARMONISE the EU AML framework and strengthen its risk-based nature;
- EMPOWER EU/EEA-wide supervision and law enforcement by strengthening the institutional architecture;
- Enable all parties to effectively COOPERATE and share information;
- BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.
Based on these four priorities, the EBF has formulated 20 concrete policy recommendations that are elaborated in the 40-page EBF blueprint ‘Lifting the Curse of Dirty Money’. Click here to access the blueprint.
Says Wim Mijs, Chief Executive Officer of the European Banking Federation:
“Combatting financial crime essentially is a real fight against real criminals that make people suffer and undermine our society. We need a European framework that prevents this and that stops crime, instead of continuing the current tick-the-box exercise.”
EBF CEO Wim Mijs presents the EBF blueprint with recommendations for an effective EU’s Anti-Money Laundering policy to the EC Executive Vice President Valdis Dombrovskis
“Banks really are part of the solution. We need effective cooperation between all actors in the financial ecosystem, both public and private. This means exchanging more information, also across borders, and harmonising the approach at the European level. We also need to be smarter and use new technologies.”
Banks, as financial gatekeepers, are spending billions of euros on compliance, on monitoring transactions and on generating millions of suspicious activity reports. Despite this, criminals know how to exploit the regulatory fragmentation in Europe, letting them still move undetected vast amounts of dirty money across borders.
The EBF and its members propose collective action to be taken by private sector, governments and law enforcement. To be specific, the four priority areas defined in the EBF blueprint consist of the following recommendations:
- HARMONISE
The current AML framework largely consists of Directives that are interpreted differently across EU Members States. Harmonising the existing policies by putting forward directly applicable legislation will improve AML compliance and will leave less room for asymmetries at national level. Uniform EU/EEA-wide rules will also provide an opportunity to standardise know-your-customer (KYC) obligations and adhere to global approaches.
- EMPOWER
Dozens of national and regional supervisors are imposing regulatory requirements to financial institutions, sometimes overlapping. By empowering the European Banking Authority as rule-setter, AML rules could be implemented in a harmonised way. Supervisors, law enforcement and Financial Intelligence Units need to coordinate their work closer and cross-borders, as well as have access to enough resources to facilitate their efforts.
- COOPERATE
Reporting of suspicious activities/transactions and KYC requirements are creating vast amounts of data. Only by detecting and sharing the appropriate information within banks, between regulators and bank-to-bank will help to quickly detect and mitigate the risks of financial crime. Moreover, with full respect to privacy laws, public-private information sharing channels should be further promoted.
- BE SMARTER
Growing sophistication of criminal behaviour and the interconnectedness of the financial ecosystem require rapid reactions. New technologies such as artificial intelligence can strengthen and automate several compliance tasks, both by private and public sector entities. Advanced analytics and robotics can particularly improve beneficial ownership transparency and KYC procedures.
Media contact:
Nahuel Mercedes, Communications Officer
n.mercedes@ebf.eu or +32 2 508 3748
Raymond Frenken, Director of Communications
r.frenken@ebf.eu or +32 2 508 3732
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post EBF presents recommendations on fighting dirty money in EU appeared first on EBF.
]]>EBF PRESS RELEASE
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EBF supports new EU plans to fight money laundering
BRUSSELS, 7 May 2020 – The European Banking Federation, committed to an effective fight against money-laundering in Europe, is greatly encouraged by the Communication presented today by the European Commission to move towards a stronger EU-wide approach to fight dirty money.
The European Commission Action Plan aims to enhance the efficiency of the EU Anti-Money Laundering (AML) framework and shows a political momentum for true action. The EBF appreciates the planned regulatory harmonisation, flexible and risk- and principle-based. Another progressive step is seen in the convergence of EU AML supervisory powers.
A smarter AML framework means moving away from tick-the-box exercises and approach AML/CFT with an intelligence-led approach. The EBF highly regards the EU’s focus on cooperation and information sharing, especially where it concerns the need for close coordination with and between financial intelligence units (FIUs).
Says Wim Mijs, Chief Executive Officer of the European Banking Federation:
“EU authorities today show their willingness to fight crime on the front line together with our banks, which cannot act alone as gatekeepers. Being smarter only works when done together. The existing rules are disproportionate and inflexible, nor do they provide the necessary tools. We need an approach that is based on the actual crime-risk, not one that is based on a different interpretation of rules across the EU member states. That is why we will gladly support this new approach and call for this to be swiftly implemented.”
The EBF in March presented its recommendations for an improved EU approach to fighting money laundering. The EBF recommendation is based on four pillars. First, HARMONISE the EU AML framework and strengthen its risk-based nature. Secondly, EMPOWER EU/EEA-wide supervision and law enforcement by strengthening institutional architecture. Thirdly Enable all parties to effectively COOPERATE and share information. And finally, BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.
Click here for the EBF’s AML Blueprint
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Media contact:
EBF Media Centre, press@ebf.eu, +32 2 508 3732
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About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
The post EBF supports new EU plans to fight money laundering appeared first on EBF.
]]>Stepping up the fight against money laundering
BRUSSELS, 24 July 2019 – Given today’s adoption by the European Commission of a Communication and four reports designed to support European and national authorities in better addressing money laundering and terrorist financing risks, the European Banking Federation reiterated the following:
The European banking sector is fully committed in the fight against money-laundering and financial crime. For this fight to be effective we need to reduce fragmentation between national approaches while increasing cross-border cooperation in-and-outside the European Union.
The recent AML problems also constitute an opportunity to try to really improve the efficiency of the system through better cooperation, including information sharing, between the public and private sectors with the purpose of arresting more criminals. The EBF is currently discussing possible improvement with relevant stakeholders, including the European Commission and Europol.
Communication by the European Commission – Better implementation of the EU’s anti-money laundering and counter terrorist framework
For background: Europol European Banking Authority
Media contact:
Raymond Frenken, Head of Communications, +32 474 98 13 32, r.frenken@ebf.eu
About the EBF:
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere. Website: www.ebf.eu Twitter: @EBFeu.
Subscribe to the EBF Weekly + FinReg Agenda
Every Friday at noon you can receive the EBF Weekly + Financial Regulation Agenda. This agenda presents an overview of upcoming European and international meetings and conferences in financial regulation, as well as important general financial and economic events and key EBF meetings for the week ahead. CLICK HERE TO SUBSCRIBE
Subscribe to the EBF Morning Brief
The EBF Morning Brief is published Monday through Friday morning and brings you the top banking headlines, relevant announcements from the EU institutions and the latest from the EBF and its members, national banking associations in 32 countries in Europe. CLICK HERE TO SUBSCRIBE
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