In a time that discriminatory practices of banks are increasing, including malpractices around black lists, it is worrying that the European Banking Federation (EBF) is promoting harmonisation of European AML/CFT legislation. It is clear that the Anti-Money Laundering Regulation is coming, a worrying perspective. I am sure this will make the situation worse for citizens of the EU.

Read the recent EBF press release (also available als pdf):

EBF presents recommendations on fighting dirty money in EU
EBF PRESS RELEASE

* EBF Blueprint published: ‘LIFTING THE SPELL OF DIRTY MONEY’
* Banks recommend: HARMONISE, COOPERATE, EMPOWER, BE SMARTER
* EU/EEA entities need reinforcing, better cross-border coordination

BRUSSELS, 10 March 2020 – As the European Commission is preparing its next steps towards creating a solid EU framework for fighting money launderers, the European Banking Federation today presented its blueprint with recommendations for an effective EU’s Anti-Money Laundering policy, known as AML.

The report identifies four priorities that need to be addressed. In concrete terms, the EBF suggests to:

* HARMONISE the EU AML framework and strengthen its risk-based nature;
* EMPOWER EU/EEA-wide supervision and law enforcement by strengthening the institutional architecture;
* Enable all parties to effectively COOPERATE and share information;
* BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.

Based on these four priorities, the EBF has formulated 20 concrete policy recommendations that are elaborated in the 40-page EBF blueprint ‘Lifting the Curse of Dirty Money’. Click here to access the blueprint. (…)

Their ‘blueprint’ is to be found here (pdf).

Read my articles on the discriminatory practices of banks, to be found under the tags for de-risking, compliance-uitsluiting and AML by banks.

My twitter comment:

If only this does not mean:
– more de-risking
– more discrimination of clients
– more unlawful blacklisting of clients
– more time-consuming questions posed to clients that cost a fortune to answer them #AML @EBFeu https://t.co/3AqxkQrvfr

— Ellen Timmer (@Ellen_Timmer) March 11, 2020

Addition 24 april 2020
Read this article (Dutch) on a bankingsite, it shows that European supervision is coming. And what is worrying: a concept for banks is also used for the garage and a small notary office.