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INSIGHT: Give us ‘specific legal ground’ to revoke licences of banks that seriously breach AML rules, demand European Supervisory Authorities

By Elizabeth Hearst for AMLi

Three of Europe’s Supervisory Authorities have called for “specific legal ground” to be implement to revoke licences of institutions found to have seriously breached AML/CFT regulations.

In a joint report, the ESA’s said that recent cases had drawn attention to the “significant impact” serious breaches of AML/CFT regulations have on the management of supervised financial institutions. 

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