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The European Union's executive branch outlined a plan Wednesday to strengthen the role of the European Banking Authority, or EBA, in ensuring national regulators promptly and effectively take action against financial institutions that violate anti-money laundering rules. In a 12-page memorandum, the European Commission told the European Parliament, the European Council and the European Central Bank that recent scandals involving banks in the European Union have exposed wide variances in how EU nations enforce rules against money laundering and terrorist financing, and require "quick and decisive action." The Commission expressed particular concern over "delayed and insufficient" actions to ensure better...