Banks Face Stiff Sanctions Under EU Money Laundering Rule

Law360, New York (February 6, 2013, 1:22 PM EST) -- Banks operating in the European Union will need to adopt stricter anti-money laundering and anti-terrorism financing controls or face a fine of up to 10 percent of their annual revenue, according to proposed rules issued Tuesday by the European Commission.

The proposed rules, which include a directive on the steps financial companies must take to prevent money laundering and terrorist financing and a regulation requiring enhancements to the information accompanying fund transfers, build on top of the EU's existing anti-money laundering provisions put in place in...
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