02/02/2022 (Agence Europe) – On Monday 31 January, the European Banking Authority (EBA) launched its central database, EuReCA, to coordinate its efforts with the competent national authorities to prevent and counter money laundering and terrorist financing risks in the European Union. In particular, EuReCA contains information on the material weaknesses of individual financial institutions within the EU, which the competent authorities have identified, as well as the measures they have imposed on them to remedy them. The EBA cites as examples of material weaknesses the lack of adequate policies and procedures in this area, the lack of monitoring of transactions at group level, and the lack of policies and procedures for high-risk customers. EuReCA also includes internal audit findings identified by a supervisory authority during an on-site inspection. (AD)