Supervisors need to do more to ensure ongoing collaboration and proactive information exchange within colleges, the European Banking Authority (EBA) said in its second report on the functioning of colleges of anti-money laundering and counter-terrorist financing (AML/CFT) supervisors.
The colleges bring together the lead supervisor, permanent members and observers, and aim to create a permanent structure for cooperation and information exchange between countries.
Although the competent authorities are committed to implementing the college framework, the EBA has found that ongoing cooperation and proactive information exchange is not yet fully realised within all colleges. Yet most competent authorities have devoted resources to ensure the effective functioning of AML/CFT colleges.
The report also highlights areas for improvement. It points out that due to their lack of maturity, AML/CFT colleges are not yet fully integrated into supervisory processes.
It also highlights the need to organise colleges in a more risk-sensitive way, with more frequent meetings for cross-border institutions, which are more exposed.
EBA encourages all supervisors to use the practices and observations presented in the report and to adapt their approach, if necessary.
To consult the EBA report: https://aeur.eu/f/2we (Original version in French by Anne Damiani)