The European Central Bank (ECB) and the national authorities responsible for monitoring financial institutions’ compliance with EU anti-money laundering obligations reached agreement on Monday 14 January on a new cooperation mechanism for information exchange, the European Commission announced.
As a reminder, the 5th anti-money laundering directive, which will apply from January 2020 (see EUROPE 12019), provided that by 10 January 2019 at the latest, an agreement should be reached on the practical arrangements for the exchange of information.
The agreement clarifies the measures to be taken when a weak link is discovered in the system and the precise modalities of the exchange of information, so that cooperation in the fight against money laundering can take place effectively and quickly.
“Bank supervisors and anti-money laundering supervisors must work hand in hand to give no chance to money laundering in Europe,” said European Commissioner for Financial Services Valdis Dombrovskis, welcoming the agreement.
The agreement also contains detailed rules on the type of information to be exchanged and on the confidentiality and data protection guarantees that will be applied to protect the financial data of citizens and businesses. (Original version in French by Marion Fontana)