EBA: end ‘tick box’ approach to money laundering in EU

First EBA report on national supervisors’ AML/CFT approach finds many agencies failing to co-operate

Money laundering
AML on the line: “significant challenges remain and are common to all competent authorities in the sample,” says EBA
Photo: TaxRebate.org.uk

The European Banking Authority says supervisory and regulatory bodies need to move away from a “tick box” approach to preventing money laundering.

The EBA published its first review of how national bodies in the European Union approach anti-money laundering and counter the financing of terrorism (AML/CFT) regulations on February 5.

The report found some authorities were stepping up efforts in the field, but it warned many agencies were still not getting the co-operation they need from other

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