The last two years shook Europe with a wave of money-laundering cases brought forward against a number of big-name banks and financial institutions. Such a cascade demands serious attention and, worryingly, suggests that the EU’s regulatory frameworks for money-laundering prevention demand profound reform if they are to achieve lawmakers’ stated goals. With the fifth iteration of its AML directive, the EU is tightening the reigns, hoping to significantly curtail the illicit funneling of funds within its borders. But the actions may not be far-reaching enough.

The Berlin Group has taken initiative to streamline API standardization. It provides a powerful leadership force that should be considered by all sectors of finance. If more organizations could begin to take these initiatives in standardization processes, the global financial system would run more smoothly and ensure safety and clarity to businesses, merchants and customers alike.