EU Regulators Seek Uniform Anti-Money Laundering Rules

Law360, New York (April 11, 2012, 4:47 PM EDT) -- European Union banking regulators on Wednesday said variations in the way member states determine beneficial owners of bank accounts weaken the continent's anti-money laundering efforts, and urged the European Commission to explore setting uniform standards for determining account holders' identities.

The European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority issued a pair of reports analyzing how the EU's 27 member states are implementing the 2005 Third Anti-Money Laundering Directive. While the directive set out some uniform standards for...
To view the full article, register now.