National competent authorities (NCAs) continued to improve the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges in 2023, according to a report by the European Banking Authority (EBA) published on Monday 16 December. Nevertheless, further progress is needed.
The EBA has identified two key areas for improvement in particular: - adapt the operation of the colleges to the risks of money laundering and terrorist financing to which the business in question is exposed; - discuss the need for a common approach or joint action.
The EBA found that the frequency of meetings and the form in which information was exchanged were not sufficiently adapted to the risks to which companies were exposed and to their specificities. The competent authorities were therefore unable to allocate their resources strategically enough. Furthermore, due to a lack of discussion, the NCAs were rarely able to determine whether there were risks and/or issues that should be addressed in a coordinated manner.
The report contains targeted recommendations to help NCAs improve.
Read the report: https://aeur.eu/f/euj (Original version in French by Anne Damiani)