Featured Product

    EC Proposes to Reinforce Role of EBA in AML Supervision

    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

     

    Related Links

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

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480