EBF blueprint for an effective EU framework to fight money laundering
EBF blueprint for an effective EU framework to fight money laundering
The European Banking Federation (EBF) is the voice of the European banking sector. EBF is uniting 32 national banking associations in Europe that together represent some 3,500 banks – large and small, wholesale and retail, local and international – employing about two million people.
Lifting the spell of dirty money: anti-money laundering paper
Global integration of the financial system, together with the rise of new technologies, contributes to further sophistication and development of financial crime. To fight against it, a considerable amount of resources is invested by both the public and private sectors. European banks invest huge amounts in security and wider compliance systems, while also filing millions of reports to authorities. Regretably, this fight has proven unbalanced, with criminals adapting faster than regulation.
European Banking Federation developed a blueprint with recommendations for an effective EU’s AntiMoney Laundering policy, known as AML.
EBF CEO Wim Mijs presents the EBF blueprint with recommendations for an effective EU’s Anti-Money Laundering policy to the EC Executive Vice President Valdis Dombrovskis (Image from EBF)
The AML blueprint showcases a series of recommendations from the banking sector towards the European regulators for better anti-money laundering legislation. The blueprint was the centrepiece of a sensitisation campaign that encompass highlevel meetings, social media, webinars, and experts’ discussions
The report was designed around four anti-money laundering priorities that EBF recommends to be addressed in the development of the new European legislation:
• HARMONISE the EU AML framework and strengthen its risk-based nature;
• EMPOWER EU/EEA-wide supervision and law enforcement by strengthening the
institutional architecture;
• Enable all parties to effectively COOPERATE and share information;
• BE SMARTER by leveraging new tools and technologies that can enhance the due diligence process.
ALCHEMISER defined a series of illustrations to represent the four priorities and visually organise the report and the pillars of the campaign.
The report was a base of regulatory discussions between AML experts at European level. All meeting settings, online and physical were branded according to the campaign design.
Social media campaign:
communicating with the right people
A Social media campaign was deployed across Twitter and Linkedin targeting key opinion leaders who participate in and can influence the new EU legislation on anti-money laundering.
The new European AML legislation will influence and build the basis on the new fighting mechanisms against money laundering. With this initiative, the banking sector is confident that their perspective on AML is well taken into consideration and can bring positive impact. The EBF Anti-Money Laundering recommendations report was positively received by the EU regulators and regarded as an important and useful document in the further elaboration of the new AML European legislation.
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