The EBA has launched ‘EuReCA’, the EU’s central database for anti-money laundering and counter-terrorism financing. The EBA will use the database to coordinate efforts by competent authorities to prevent and counter money laundering and terrorist financing in the EU.
The database will contain information on material weaknesses in individual financial institutions in the EU, such as a lack of adequate policies and procedures. Information in the database will be used by the EBA to inform its view of the money laundering and terrorist financing risks affecting the EU financial sector. It will also be used as an early warning tool by sharing information with competent authorities as appropriate, in particular where specific trends emerge.
The EuReCA will not start to collect personal data until the European Commission approves the draft RTS under which the database has been established.