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Jane Jee, project lead of Project Financial Crime, has highlighted the need for a pan-European regulator in an interview with payments publication PYMENTS. The interview, conducted over a written exchange, calls for regulators to take more of a risk-based approach and provide more support for smaller regulated financial institutions. Jane noted ‘In the U.K., we have encouraged competition in financial services, but left smaller financial institutions more vulnerable to fraud and money laundering if they cannot afford the same levels of fraud detection and prevention as larger financial institutions.’
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