The European supervisory authorities responsible for anti-money laundering and countering the financing of terrorism (AML/CFT) have improved the functioning of their colleges, concluded the European Banking Authority (EBA) in a report published on Thursday 10 August.
Thanks to new measures and best practices, the effectiveness of AML/CFT colleges and the results of monitoring have increased. The AML/CFT colleges complement other monitoring tools, such as the EBA’s central database.
The members approached the organisation of the colleges in a more structured way, which contributed to the exchange of more substantial and usable information than in previous years.
Prudential supervisors and financial intelligence units (FIUs) participated in a larger number of colleges. As a result, supervisors had access to more relevant information that could timely inform their approach to the supervision of institutions operating on a cross-border basis. In some colleges, members have taken steps to identify common problems.
Despite these achievements, many colleges have not yet reached full maturity. Competent authorities have indicated that around 50 colleges have yet to hold their first meeting. In some colleges, there is still insufficient exchange of relevant information. Finally, the integration of authorities from third countries remains a challenge, and only a few of them have been able to take part in college meetings.
The future Anti-Money Laundering Authority (AMLA), which is currently the subject of interinstitutional negotiations (see EUROPE 13217/17), will have a role to play in coordination between supervisory authorities. In its position, the European Parliament wanted the AMLA to ensure the consistent operation of colleges for non-selected obligated entities operating in several Member States, taking into account the systemic risk posed by financial institutions. It could also, if necessary, convene a meeting of a college (see EUROPE 13149/3).
To read the report: https://aeur.eu/f/8c9 (Original version in French by Anne Damiani)