Anti-money laundering technologies can bring new risks – European supervisors
Regulators need to ensure firms understand new technologies, ESAs say
Financial supervisors in the European Union need a “common approach” to checking financial firms’ use of new anti-money laundering (AML) technologies, the three European Supervisory Authorities say in an official opinion.
If regulators do not check that firms fully understand innovations in the customer due diligence (CCD) field, new risks will emerge, states the opinion, issued on January 23. It is issued jointly by the European Banking Authority, the European Insurance and Occupational
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial market infrastructure
Bank of Italy study looks at regulating finance firms’ tech risks
European authorities’ efforts have increased sector’s operational resilience, researchers find
Green bonds have negative premium, Italian study finds
Negative “greenium” widened during Covid-19 pandemic, researchers say
Elections influence bank lending in eurozone, study finds
Bank of Finland research suggests pre-poll uncertainty raises cost of loans
HKMA unveils new wholesale CBDC project
De facto central bank to launch sandbox for testing settlement of tokenised deposits
Thailand forges ahead with virtual banking
BoT to accept applications to open virtual banks from March 20
Irish central bank says payments strategy needs drastic change
Deputy governor says sector is slow to change and backs draft “access to cash” law
RBA seeks citizens’ ideas for redesigned A$5 note
Bank asks Australians to submit proposals for theme reflecting indigenous cultures
Standardised FRTB leaves banks befuddled on residual risk
Benchmarking exercises find “weak consensus” among banks over notional values for exotics
Most read
- Bernanke calls for total redesign of BoE forecasting
- Taking stock of Bernanke: the original sin of forecasting
- Bank of England: time for fourth-generation forecasting tools?