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Fintech sector lacks effective AML controls, EU banking authority says

( July 28, 2025, 15:40 GMT | Official Statement) -- MLex Summary: Fintech firms are neglecting anti-money laundering safeguards in favor of growth, according to the European Banking Authority. In its annual report on money laundering and terrorist financing, published today, the EBA also says that many crypto-asset service providers don't have effective systems to stop money laundering and counter the financing of terrorism. The report also says that criminals are increasingly exploiting AI for fraud.Press release follows. Document attached....

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