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In a recent interview with the Financial Times, Valdis Dombrovskis, the European Commission’s vice-president in charge of the euro, said that “Brussels was already thinking about how to go beyond “quick fix” proposals it made in September for reinforcing supervision of banks’ conduct”.

The September plans referred to by Mr Dombrovskis would give the European Banking Authority “greater powers to co-ordinate the work of national banking watchdogs” and were positively received by the EU’s governments. However, this is only the first step ahead of “more long term and structural” changes Mr Dombrovskis’s officials are planning to present to EU governments in 2019.

The remarks come after a series of money-laundering scandals that have taken the bloc by storm over the last few months. As a result, the FT reports that “European regulators, including senior officials at the European Central Bank, have called for a major transfer of responsibilities away from national authorities to ensure that the bloc’s anti-money laundering directives are applied more thoroughly”.

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Last updated on April 23rd, 2023 at 07:27 pm

Claus Christensen

Claus Christensen is the CEO & Co-Founder of Know Your Customer. His vast array of previous experiences includes founding a technology company that develops email server infrastructure products for 60,000+ global customers and serving as VP Electronics at Thielert Aircraft Engines. A regular contributor to leading industry publications and a recognised expert in the anti-money laundering and financial regulation space, Claus is also the host of the RegTalks podcast and a senior lecturer of the Centre for Finance, Technology and Entrepreneurship (CFTE)’s RegTech Course.