By Leonidas Stergiou
The European Banking Authority (EBA) has now officially announced the launch of the pan-European database for the prevention and suppression of money laundering and terrorist financing.
This node, called EuReCA, will not only detect suspicious transactions in a timely manner, but also monitor the effectiveness of banks and money laundering authorities. In particular, all affiliated organizations, in fact, must report everything and all the location information of each case that constitutes:
a) flushing indication.
b) possible indication for rinsing.
(c) failure of a system identified by the EuReCA or any other body or authority to comply with and control money laundering.
All this information will be transmitted in English and made available at the same time to all European supervisory and prosecuting authorities. The EuReCA will also be required to provide information and analyze data in order to assist law enforcement authorities in their checks.
In addition, it should respond promptly to questions that may arise from competent authorities and provide in a structured manner all relevant case-related information that may have come from different services across Europe.
Source: Capital
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