EU Seeks To Improve Data Transfers To Boost AML Fight

By Najiyya Budaly (July 26, 2021, 2:52 PM BST) -- The European Commission set out plans on Monday for a common set of European Union guidelines to improve how regulators and financial institutions share data on money laundering and terrorist financing threats.

The EU's executive arm has laid out proposals to improve the way in which anti-money laundering regulators and private banks exchange information when they share intelligence on transactions carried out by individuals suspected of moving illicit funds.

The commission said that regulators and finance firms currently comply with differing legal frameworks on exchanging information across the EU. The proposed guidelines will provide member states with best practice on how...

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