EU Hopes of AML Cooperation Deemed “Unlikely” by Industry
EU hopes of AML cooperation deemed “unlikely” by industry
By Rebekah Tunstead | 25 January 2019
European Union attempts to unite the continent’s anti-money laundering (AML) approach is unlikely, says Andrew Simpson, chief operation officer at CaseWare Analytics, as is the setting up of a centralised European AML regulatory body.
“Within the EU there is a possibility that you will have some jurisdictions that will co-operate with each other, but in terms of getting all jurisdictions on board, I think that is unlikely. Also, having a central body that would look at all jurisdictions in the near term, I don’t think that will be likely either,” says Simpson.
“In terms of sharing information across different jurisdictions there are other factors to consider. There are privacy considerations, it’s another big compliance area. So, how do you balance privacy at the risk of financial crimes. It’s not a simple problem to solve,” he says.
Last Wednesday, the European Parliament said its members had “serious concerns regarding the poor state of anti-money laundering rules within the banking union,” with there being calls for “a more unified approach.”
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