Featured Product

    EBA Responds to EC Action Plan on AML/CFT Framework in EU

    August 19, 2020

    EBA published its response to the action plan of EC for a comprehensive EU policy on preventing money laundering and terrorism financing (ML/TF). In this action plan, which was published in May 2020, EC set out its view of a future framework for anti-money laundering and countering the financing of terrorism (AML/CFT). Through this response, EBA provides technical points that policy-makers should consider when deciding on the scope and powers of an EU-level supervisor for AML/CFT. EBA is of the view that a comprehensive assessment of the existing AML/CFT framework in EU is necessary to ensure that EU and its component parts are equipped to tackle money laundering and terrorist financing more effectively and efficiently.

    EBA recommendations to EC include the following:

    • Harmonize the legal framework for AML/CFT in EU to reduce the risk of gaps created by divergent approaches to incorporating EU AML/CFT law into national law (EBA to provide more information on this in its response to the EC Call for Advice on September 0, 2020)
    • Combine an ongoing role of national AML/CFT authorities with an EU-level AML/CFT supervisor in a hub-and-spoke approach that builds on national AML/CFT authorities’ expertise and resources, complementing this with effective EU-level oversight for a consistent approach with comparable outcomes
    • Leverage on the existing AML/CFT infrastructure of EU, including the policy of EBA, data and information technology resources, and the European and international supervisory cooperation networks of EBA

    EC action plan builds on six pillars, namely effective implementation of existing rules, a single EU rulebook, an EU-level supervision, a support and cooperation mechanism for financial intelligence units, better use of information to enforce criminal law, and a stronger EU in the world. EC intends to deliver on these actions by early 2021. EBA states that it stands ready to provide technical input and support EC in its implementation of this action plan. EBA will provide additional technical input through its forthcoming response to a separate Call for Advice of EC, in which EBA has been asked to define the scope of application and the enacting terms of a regulation to be adopted in the field of preventing money laundering and terrorist financing. EBA will respond to this Call for Advice by September 10, 2020. 


    Related Links

    Keywords: Europe, EU, Banking, AML/CFT, Action plan, ML/TF Risk, Single Rulebook, Operational Risk, Basel, EC, EBA

    Featured Experts
    Related Articles

    UK Authorities Consult on Implementation of Basel 3.1 Standards

    The UK authorities have published consultations with respect to the Basel requirements for banks. The Prudential Regulation Authority (PRA) published the consultation paper CP16/22 on rules for the implementation of Basel 3.1 standards.

    November 30, 2022 WebPage Regulatory News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8597