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The ECB is under fire over its handling of Latvian lender ABLV, which US authorities have acused of engaging in large-scale money laundering for Russian clients.
"Breaches of anti-money laundering can be symptomatic of more deeply rooted governance deficiencies within a bank but the ECB does not have the investigative powers to uncover such deficiencies," ECB Bank supervisory chief Daniele Nouy said in a statement. "This is the task of national anti-money laundering authorities."