The importance of electronic anti-money laundering checks

Martin Cheek (pictured) is managing director of SmartSearch

The European Commission proposed last week that there should be an EU-level agency to put pressure on national banking supervisors to investigate allegations of money laundering.

If given the go-ahead, the new plans see the European Banking Authority (EBA) given extra powers to impose sanctions on banks in member states that either don’t have the right policies and procedures in place or are complicit in money laundering.

The proposals follow a number of banking scandals such as the collapse of ABLV Bank in Latvia, the freezing of assets at Pilatus Bank in Malta following allegations against its Iranian owner and investigations such as the Panama Papers and the Global Laundromat series, which involved the movement of £16bn in dirty funds from Russia.

These recent

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