A senior figure from the European Banking Authority (EBA) has revealed that around 60 different European watchdogs currently apply anti-money laundering (AML) rules in very different ways. This variation leads to inconsistent enforcement across the continent.
To address this, the new European Anti-Money Laundering Authority (AMLA) aims to harmonize these regulatory bodies. AMLA will work to ensure that AML regulations are applied uniformly across all member states, reducing loopholes and improving the fight against money laundering.
This move is expected to strengthen the overall financial security of the European Union by:
- Standardizing procedures
- Enhancing cooperation between national watchdogs
The initiative underscores the EU’s commitment to maintaining a robust and consistent AML framework across its countries. Stay tuned for Questiqa Europe News for the latest updates.
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