The European Banking Authority (EBA) has launched a central database for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF), which it says will act as an early warning tool that will help authorities to act before risks crystallise. The EBA said that EuReCA will contain information on material weaknesses in individual financial institutions in the EU that have been identified by competent authorities and that the latter will also be reporting the measures they have imposed on financial institutions. It went on to say that it will use information from EuReCA to inform its view of AML and CTF risks affecting the EU financial sector, and will share information from EuReCA with competent authorities.