EU Member States’ anti-money laundering and counter terrorism financing (AML/CFT) supervisors have taken significant steps to implement a risk-based approach in the banking sector, the European Banking Authority (EBA) noted in its latest report on Friday 13 December.
Since the first round of examinations in 2018, the EBA has noted significant progress in competent authorities’ supervisory approaches. The report highlights best practice, such as cooperation and risk assessment, which reflect positive changes in surveillance approaches.
Nevertheless, EBA continued to note weaknesses in the risk assessment methodologies of the competent authorities and in the implementation processes that are not fully effective or dissuasive. Although EBA has continued to identify problems and shortcomings in this latest round of examinations, the progress made since the first round suggests that effective AML/CFT supervision will facilitate the effective implementation of the new package (see EUROPE 13420/20).
Read the report: https://aeur.eu/f/ett (Original version in French by Anne Damiani)