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BPFI welcomes long awaited AML Action Plan from EU

BPFI welcomes long awaited Anti-Money Laundering Action Plan from EU which will strengthen the fight against financial crime

Wednesday 21st July 2021 – Banking & Payments Federation Ireland (BPFI) has welcomed the EU Commission’s new Anti-Money Laundering Action Plan which aims to strengthen the EU’s anti-money laundering rules and includes plans for the creation of a new EU authority to fight money laundering.

Speaking on the publication of the measures, Keith Gross, Head of Financial Crime & Security, BPFI said: “BPFI and its member banks welcome the publication of the EC’s AML Package which represents a set of radical reforms that will greatly assist and bolster our members in their daily and ongoing work in detecting, preventing and disrupting money laundering and the financing of terrorism here in Ireland and across the EU.”

“In particular we welcome the new regulation which will be directly applicable throughout the EU. We believe regulatory harmonisation and enhanced coordination of Financial Intelligence Units (FIUs) will create a concerted effort in dealing AML/CFT risks. Also included in the reforms is the harmonisation of customer due diligence rules which will help our member banks including international banks and multinational banking groups who will be in position to develop more consistent group-wide AML /CFT policies and processes under the proposals.”

EU Authority

Mr Gross continued: “Proposals within the package to set-up a new EU AML Authority will be critical, however for the new Authority to bring value, it must facilitate information exchange and help detect cross-border criminal activities. It will also be crucial that the agency avoid overlaps and duplications with national competent authorities and supervisors, as well as ensuring supervision of other obliged entities which include all types of financial institutions as well the legal, accounting and real estate professions.”

“Finally BPFI strongly supports the Commission’s focus on a mechanism to support Financial Intelligence Units (FIUs) across Europe. This is a key element in combatting financial crime and is first and foremost achieved by the “first line” of enforcement entities that prevent crime in collaboration with banks and other stakeholder.  BPFI have an excellent and well-established relationship at a national level and our own FIU, An Garda Síochána, and the inclusion of better and improving FIU coordination across the EU can only be seen as a very positive development.”

ENDS/

Contact: Jillian Heffernan, Head of Communications, 087 9016880 or jillian.heffernan@bpfi.ie

About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has over 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here. www.bpfi.ie

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