Banks consider the compliance with Anti-Money-Laundering (AML) rules as essential and important. During the past decade, they have heavily invested in money laundering prevention. They are by far the largest private contributor to the detection of money laundering criminal offences.
The European Banking Federation welcomes the new Recommendations published by the Financial Actions Taskforce (FATF) this week in support of the fight against Money Laundering and Terrorist Financing.
The revised standards have come about after major consultation with representatives of the world’s major banking bodies, in a bid to stamp out criminal activity in the global financial system. Also welcomed by the European Commission, the new standards will be incorporated into a European framework which is expected to lead to a new AML Directive.
While reiterating their commitment, banks sincerely hope that a 4th Directive will provide them with the proper tools (access to public registers, list of PEPs, etc.) to help them fulfil their requirements more effectively.
Press release
© EBF
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