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European Lawmakers Propose ‘Increased Scrutiny’ of AML Compliance Officers

By Koos Couvée

Senior compliance officers and financial-services industry executives in the European Union could see greater scrutiny of how they manage their firms' implementation of the bloc's anti-money laundering rules under plans pitched in a report by European lawmakers Wednesday. The proposal is one of 208 under review by the European Parliament's special committee on money laundering, tax avoidance and tax evasion, or TAX3, as part of a yearlong inquiry into financial crime and compliance-related scandals that have engulfed lenders throughout the European Union. In the 53-page report, panel members called for "increased scrutiny and continuous supervision" of financial executives and shareholders...

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