Anti-money laundering technologies can bring new risks – European supervisors
Regulators need to ensure firms understand new technologies, ESAs say
Financial supervisors in the European Union need a “common approach” to checking financial firms’ use of new anti-money laundering (AML) technologies, the three European Supervisory Authorities say in an official opinion.
If regulators do not check that firms fully understand innovations in the customer due diligence (CCD) field, new risks will emerge, states the opinion, issued on January 23. It is issued jointly by the European Banking Authority, the European Insurance and Occupational
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