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

    FINMA Approves Merger of Credit Suisse and UBS

    The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.

    March 21, 2023 WebPage Regulatory News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.

    March 07, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8798