Joint Committee publishes report on application of AML and CTF obligations
Date: Dec 12, 2012
Categories: Risk and Regulation
Keywords: Joint Committee of the European Supervisory Authorities
December 7th 2012 – The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) has today published a report on the application of AML/CTF obligations to, and the AML/CTF supervision of e-money issuers, agents and distributors in Europe.
Differences in implementation
The report reveals that significant differences existedin the national implementation of the 2nd E-Money Directive (2nd EMD) and in the application of AML/CTF legislation to e-money issuers, their agents and distributors.
These differences are caused by inadequate or ambiguous provisions in the 2nd EMD and 3rd Money Laundering Directive, including such issues as:
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