Between 2018 and 2024, “NCAs [national competent authorities] have made significant progress (...) in adopting a risk-based approach to AML/CFT [anti-money laundering / countering terrorist financing] supervision”, concluded the European Banking Authority (EBA) in its report published on Wednesday 8 October.
Most now have specific AML/CFT strategies, targeted surveillance plans and manuals to guide supervisors and ensure consistency across the sector. They are also cooperating more effectively with relevant stakeholders at national level and across borders.
While the EBA considers that its work “has been instrumental”, moving forward, this work will be continued by the newly created Authority for Anti-Money Laundering (AMLA) (see EUROPE 13674/21).
Regarding domestic collaboration, the EBA reiterated the need to ensure that cooperation between prudential and AML/CFT supervision remains strong. It also emphasised cooperation with Financial Intelligence Units (FIUs) and tax authorities.
Finally, with regard to international collaboration, it revealed that “AML/CFT colleges have become a key tool to share information and coordinate among EU NCAs, but cooperation with authorities in third countries remains more limited and should be strengthened”.
Read the report: https://aeur.eu/f/iui (Original version in French by Anne Damiani)