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Anti-Money Laundering: The next step

Anti-Money Laundering: The next step


​​​​ESBG says enhance cooperation between local regulators​

BRUSSELS, 25 March 2019

The following is an excerpt from the recently released brochure 'Together for a growing and more integrated europe: Savings and retail banks’ drive to help Europeans prosper​'. 

>> Read the booklet​​​ | En français​​

ESBG fully supports preventing money laundering (AML) and curbing terrorist financing.

Legislation to AML has flourished, with more regulation that is increasingly stringent. But criticism has been levelled at the European Union for the low level of harmonisation of AML rules. Existing national specificities make harmonisation elusive. That said, some AML rules could be vital for local business.

Given this national ”dissonance“ with applying European rules, AML supervision at EU level must require one to listen more to experienced national supervisors. Enhanced cooperation between local regulators – as well as between supervisors and the private sector – would be the best next step. Knowledge building is crucial too. In our capacity as key private sector stakeholders, ESBG and its members are committed to contribute with their knowledge from the terrain so that lines between money laundering typologies are not blurring, notably due to risks around greater use of technology that could lead to significant ‘intelligence gaps’.​

To learn more about the latest public policy positions on banking from ESBG, see the brochure 

Together for a growing and more integrated europe: Savings and retail banks’ drive to help Europeans prosper

>> Read the booklet​​​ | En français

>> Read overall AML position​​​

Anti-Money Laundering and Counter Terrorist Financing