The European Central Bank (ECB) is set create new anti-money laundering authority to augment anti-money laundering supervision over high-risk banks.

The decision was announced by ECB chief supervisor Daniele Nouy.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

It follows the recent preliminary deal agreed between European Union (EU) member states to step up supervision on banks to stop money-laundering.

ECB’s plans to curb money-laundering:

The decision was taken by Single Supervisory Mechanism (SSM), a legal framework authorising ECB as the sole supervisor of all banks in the region.

SSM will establish an anti-money laundering (AML) office, which will procure and share relevant information from its supervisors and other authorities.

“The AML 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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In the recent years, multiple money-laundering incidents rattled the European banking network forcing the regulators to take a range of initiatives to stop such incidents.

Lenders accused of money laundering include Denmark’s Danske Bank, Malta’s Pilatus Bank and Latvia’s ABLV.

Currently, ECB does not have a legal authority to carry out investigations against money laundering.

A proposal to empower the European Banking Authority (EBA) to pursue such incidents has already been made by the ECB. Last week, the EU states supported the move to authorise EBA to carry out money-laundering investigations.