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September 12, 2018

EC proposed a regulation related to the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing. This is part of an overall strategy to strengthen the EU framework for prudential and AML supervision for financial institutions, which the EC is setting out in its Communication. The proposal will be discussed by the European Parliament and Council. EC also published questions and answers (Q&As) related to the proposal.

EC is proposing to concentrate AML powers in relation to the financial sector within the EBA and to strengthen its mandate to ensure that risks of money-laundering are effectively and consistently supervised by all relevant authorities and that the relevant authorities cooperate and share information. These measures will contribute to promoting the integrity of the financial system in EU, ensuring financial stability and protection from financial crime. The amended regulation will:

  • Ensure that breaches of AML rules are consistently investigated
  • Provide that the national AML supervisors comply with EU rules and cooperate properly with prudential supervisors
  • Enhance the quality of supervision through common standards, periodic reviews of national supervisory authorities, and risk assessments
  • Enable the collection of information on AML risks and trends and foster exchange of such information between national supervisory authorities
  • Facilitate cooperation with non-EU countries on cross-border cases
  • Establish a new permanent committee that brings together national AML supervisory authorities.

EC is also presenting a strategy to improve information exchange and cooperation between prudential and AML authorities. It invites ESAs, and in particular EBA, to adopt guidance supporting prudential supervisors in integrating AML aspects into their various tools and ensuring supervisory convergence. EC also invites ECB to conclude with AML supervisors a multilateral memorandum of understanding on exchange of information by January 10, 2019—as required by the fifth AML Directive. The proposed regulation will amend several regulations, including the following:  

  • Regulation (EU) No 1093/2010 establishing EBA; Regulation (EU) No 1094/2010 establishing EIOPA; and Regulation (EU) No 1095/2010 establishing ESMA
  • Regulation (EU) No 345/2013 on European venture capital funds
  • Regulation (EU) No 346/2013 on European social entrepreneurship funds
  • Regulation (EU) No 600/2014 on markets in financial instruments
  • Regulation (EU) 2015/760 on European long-term investment funds
  • Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds
  • Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market
  • (EU) Directive 2015/849 on the prevention of the use of the financial system for the purposes of money-laundering or terrorist financing

 

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Keywords: Europe, EU, Banking, Insurance, AML, AML Supervision, EBA, EC

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