Dec 16, 2019
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) published Joint guidelines on cooperation and information exchange, establishing colleges of anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors for the first time in the EU to ensure effective cooperation and information exchange between competent authorities.
Recent high-profile AML/CFT cases involving EU banks suggest that in cases where firms operate in different countries, failure by AML/CFT supervisors to communicate effectively with their EU counterparts created gaps that allowed serious compliance failures to continue for long periods of time. The ESAs drafted these Guidelines to ensure that going forward, supervisors from different Member States have a formal cooperation framework that ensures adequate and effective AML/CFT supervision of firms that operate on a cross-border basis.
Further details can be found on the Bank’s website here.