ESAs warn on AML risks

The European Supervisory Authorities have warned the European Commission about the risks of money laundering and terrorist finance that affect the EU financial sector. The ESAs think many firms do not properly understand and manage their ML/TF risk, and also says firms sometimes find it hard to get information and intelligence that might speed up identification of problems. Finally the opinion criticises the differences between national authorities in their approach to supervision. All these things, it says, risk diminishing the EU’s defences against ML and TF.


Emma Radmore