European Union governments have reportedly reached a preliminary deal for boosting efforts to counter money laundering.
The EU is looking to strengthen bank supervision around laundering; however, it will not fill loopholes in the regulation, according to a report from Reuters which cites documents.
A deal could be formalised before the EU finance ministers next meet in December, and will give the European Banking Authority (EBA) the ability to force national supervisors to investigate any alleged breaches of the AML regulation, it said.
Although, no changes are being made to a ruling which gives states discretion on enforcing sanctions or does it establish a dedicated agency to counter any money laundering efforts across the EU, which had been proposed by the EBA, it said.
In the event of a national supervisor not meeting deadlines for investigations, the EBA will be able to take actions against a bank and ensure it make necessary steps to meet compliance of AML.
Earlier in the week, The European Securities and Markets Authority released the official translations for the MiFID II suitability requirement guidelines. The report has now been deployed in all of the official EU languages, and mean relevant organisations have two months to ensure compliance is met.
ALL competent authorities must inform the ESMA within two months detailing whether they will meet compliance or not. If they do not meet the guidelines, they will have to explain where they will fail to and why they cannot.
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