Financial technologies are increasing AML/CFT risks – EBA
Crypto increasingly used to facilitate crime, while fintech firms prioritise “growth over compliance”
The European Banking Authority (EBA) has warned that financial technologies are enabling higher rates of money laundering and terrorism financing.
In an opinion issued on July 28, the regulator said the “rapid evolution” of new financial products, such as crypto assets, had introduced “new vulnerabilities” in Europe’s anti-money laundering and countering the financing of terrorism landscape. It based its view on an examination of data between January 2022 and December 2024.
The EBA said the “abuse
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: 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.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com test test test
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com test test test
More on FMI
BoE, MAS and BoT to test synchronised FX settlement
Project will use ‘synchronisation operator’ to achieve atomic settlement
Bank of Burundi to overhaul country’s market operations
Central bank teams with LSEG to upgrade east African country's financial market infrastructure
The foundations of sovereign finance are quietly evolving
Digital settlement infrastructure is taking shape. Now SSA issuers must decide how, not whether, to participate, argues Domenico Nardelli
More NBFI liquidity data could aid financial stability – ECB study
Research recommends active margin call monitoring for non-banks
Sweden moves to improve liquidity provision in resolution
Riksbank and debt office develop “joint approach” to clarify how lenders can source liquidity in crisis
Fannie, Freddie … and Donald
Trump’s plan to privatise GSEs may pose systemic risks if not done properly – and the Fed may have to intervene, say experts
Banks should better balance liquidity among themselves – Riksbank
US fiscal position also places “serious questions” over dollar’s role as reserve currency, bank says
IMF officials call for central clearing of sovereign bonds
“More work needed” to enhance structural resilience in core markets, researchers say