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

    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
    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
    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
    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
    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
    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
    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
    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
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793