The European financial supervision authorities (ESMA, EBA, EIOPA) have warned against the gaps in the directive (2015/486) aiming to step up the fight against money laundering and the financing of terrorism.
“Problems exist in key areas such as firms' understanding of the money laundering/terrorist financing risk to which they are exposed and the effective implementation, by firms, of customer due diligence policies and procedures”, the three authorities state in their joint report...