BREAKING NEWS

ECB steps up scrutiny of banks at high risk of money laundering

ECB steps up scrutiny of banks at high risk of money laundering
FILE PHOTO: European Central Bank's chief supervisor Daniele Nouy speaks during a banking conference in Lisbon, Portugal, May 17, 2016. REUTERS/Rafael Marchante/File Photo -
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Rafael Marchante(Reuters)
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FRANKFURT (Reuters) – The European Central Bank is stepping up scrutiny of banks at high risk of money laundering activity by launching a dedicated network of supervisors, its chief supervisor Daniele Nouy said on Tuesday.

“The AML (anti-money laundering) Office will set-up and chair ‘an AML Network’ among Joint Supervisory Teams in charge of the banks whose business model leads to a high level of money laundering risks,” Nouy told European Union parliamentarians.

(Reporting By Francesco Canepa; Editing by Balazs Koranyi)

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