EU agrees banking supervision through EBA against money laundering

EU agrees banking supervision through EBA against money laundering
Under the agreed text, as a last resort, if national authorities do not act, the EBA would be able to directly force individual banks to take measures against money laundering. (Image Credit: Pixabay)

European Union governments have reached a preliminary deal to clamp down on money-laundering by strengthening bank supervision through the European Banking Authority (EBA), an EU statement said on Wednesday.

Under the agreed text, as a last resort, if national authorities do not act, the EBA would be able to directly force individual banks to take measures against money laundering.

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