By Elizabeth Hearst for AMLi
The European Banking Authority has today launched its central database for AML/CFT, which will be “central to coordinating efforts” to tackle money laundering and terrorist financing in the EU.
Officially known as the European Reporting system for material CFT/AML weaknesses (EuReCA), the “Amber List” will be a key “early warning tool” for the authority.
The reporting system will contain information on “material weaknesses” in individual financial institutions across the European Union, which have been identified by competent authorities.
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