The EBF calls for a paradigm shift away from bureaucratic tick-box compliance that generates irrelevant data. They want clearer risk assessment criteria, strengthened beneficial owner registers with verified data, and enhanced information sharing leveraging new technologies. They also seek more frequent feedback from Financial Intelligence Units on suspicious activity reports. This would reduce compliance workload and allow banks to focus resources on genuine high-risk cases.
Financial Intelligence Units lose the massive data flows they currently receive from defensive over-reporting.