Featured Product

    EBA Proposes Guidelines for Cooperation in AML/CFT Supervision

    May 27, 2021

    EBA launched a consultation on the guidelines that set out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors, and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive (CRD). The guidelines put in place the practical modalities of cooperation and information exchange among these entities, both at the level of member states and across the Single Market in EU. This consultation runs until August 27, 2021.

    The proposed guidelines are intended to establish a formal framework to ensure effective cooperation and information exchange and to identify synergies between the work of the different authorities and build on these synergies to foster a more effective approach to both, prudential and AML/CFT supervision; all this is expected to be done while avoiding unnecessary duplications and respecting the autonomy of the different authorities’ respective roles, tasks, and competencies. The proposed guidelines would facilitate and support the cooperation and information exchange throughout the supervisory life cycle covering authorizations of new institutions, ongoing supervision including the risk assessment, and, where relevant, the imposition of supervisory measures and sanctions, including the withdrawal of the authorization. In a cross‐border context, the cooperation can be carried out within prudential or AML/CFT colleges. Where such colleges exist, AML/CFT supervisors and prudential supervisors can use the college framework for the cooperation and information exchange as set out in these guidelines, where deemed appropriate in view of the nature of the cooperation and the type of information to be exchanged. The guidelines are designed so that they can be applied in a neutral way regardless of the institutional setting of the prudential supervisors, AML/CFT supervisors, or the financial intelligence unit in each member state. 

    The guidelines help authorities exchange information in a more effective way and bring clarity about which information to exchange with whom and at what stage. They leverage the supervisory experiences, the existing work of EBA in this area and international initiatives such as the BCBS guidelines for interaction and cooperation between prudential and AML/CFT supervisors. These guidelines complement the ESAs’ AML/CFT Colleges Guidelines, which were published in 2019 and form part of the wider work of EBA to strengthen the link between prudential and AML/CFT supervision. In terms of the forward-looking work, in accordance with Article 9a of Regulation (EU) No 1093/2010, EBA is in the process of establishing a central AML/CFT database. EBA is in the process of developing the regulatory technical standards that will specify the information that EBA will collect in this central database and how EBA will analyze this information and make it  available to the relevant authorities, including prudential supervisors, and AML/CFT supervisors, for their supervisory activities with regard to the prevention of money laundering and terrorist financing. Once the database is established, the provisions set out in these guidelines will apply in conjunction with the legal requirements in the regulatory technical standards.

     

    Related Links

    Comment Due Date: August 27, 2021

    Keywords: Europe, EU, Banking, AML/CFT, CRD, Financial Intelligence Units, Guidelines, ML/TF Risk, AML/CFT Colleges, EBA

    Related Articles
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    News

    HKMA to Increase Focus on Suptech and Regtech Cloud Adoption

    HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.

    June 17, 2021 WebPage Regulatory News
    News

    EC Consults on Improving Transparency in Secondary Markets for NPLs

    EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).

    June 16, 2021 WebPage Regulatory News
    News

    BIS and Nordic Central Banks Launch Innovation Hub in Stockholm

    BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked

    FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.

    June 16, 2021 WebPage Regulatory News
    News

    EC Releases Sustainable Finance Taxonomy Compass

    EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.

    June 16, 2021 WebPage Regulatory News
    News

    FDIC Proposes Amendments to Real Estate Lending Standards

    FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.

    June 15, 2021 WebPage Regulatory News
    News

    EIOPA to Consider Liquidity Risk in Stress Test for 2021

    EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.

    June 15, 2021 WebPage Regulatory News
    News

    ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending

    The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.

    June 15, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7116