According to an opinion of the European Banking Authority (EBA) published on Friday 14 July, anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of payment institutions and the approaches of banks’ competent authorities is not always proportionate to perceived levels of risk or effective overall.
The EBA also considered that, with a few exceptions, awareness of AML/CFT risks is increasing in all sectors under its jurisdiction, but the systems and...