Anti-Money Laundering and Countering the Financing of Terrorism

WSBI-ESBG members are committed to combat financial crime efficiently and effectively

Criminals search for ways to white-wash their money stemming from illicit activities such as drug or human trafficking, corruption or gambling. They aim to place, layer and integrate this money oftentimes by using financial services. To stop these criminal activities, the international community has applied standards in the field of anti-money laundering and countering the financing of terrorism (AML/CFT) for over 30 years and continuously adapts them to criminals’ changing methods. Banks play a vital role in the fight against financial crime and are subject to an increasing set of rules in this regard. WSBI-ESBG therefore regularly engages with the Financial Action Task Force (FATF), the global standard setter, as well as the European authorities to contribute to strengthening the international legal framework.

Our position

We welcome the ambition of policy makers to foster international efforts and to adjust standards to the changing circumstances, including challenges stemming from new players in the field of crypto-assets. The regulatory framework must tackle illegal practices effectively while allowing for innovation at the same time.

To avoid de-risking activities, the regulator should provide a smart environment that takes into account the achievements made over the past decades. In order to succeed in this matter, the continuous dialogue between policy makers and banks is essential.

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ESBG welcomes EU Commission’s anti-money laundering Package

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