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The Dutch Banking Association (NVB) has made proposals to create a good legal basis in the first European AML Regulation (AMLR) for sharing of information between investigative authorities and banks. In this way, much progress can be made in the fight against money laundering and terrorist financing. Moreover, banks should also be able to share data more easily with each other in order to strengthen their efforts in fighting money laundering.
That is what the NVB writes in a position paper on data sharing in the context of the AMLR proposal.
Position Paper Information sharing in the fight against money laundering
KEY MESSAGES
The NVB is fully supportive of the European Commission’s overarching objective to enhance the effectiveness of the current EU AML/CTF framework. Information-sharing is paramount to an effective AML/CFT regime, and laws and regulations should not disproportionately hamper such cooperation. In the Netherlands public-private partnerships as well as innovative interbank partnerships, like a transaction monitoring utility, demonstrate to be an effective way of fighting money laundering and terrorist financing. Therefore, it is absolutely key to develop an intelligence-led approach with the aim to effectively mitigate money laundering and financing of terrorism risks.
The NVB proposes the following amendments to the Commission’s proposal for an AML Regulation:
• The creation of a robust legal basis for the exchange of information between obliged entities, competent authorities and law enforcement in accordance with constitutional guarantees and fundamental rights, both in the context of public-private partnerships and innovative interbank partnerships (paragraphs 1 and 2);
• The removal of restrictions in relation to outsourcing; as long as obliged entities remains fully liable there is no rationale to add any restrictions (paragraph 3);
• The introduction of specific requirements on intra-group sourcing, alongside the provisions on reliance and outsourcing to third parties (paragraph 4).
This NVB position paper should be read in conjunction with the EBF position paper on the AMLR and the NVB position paper on ultimate beneficial ownership.