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EBA consults on cooperation and information exchange in the area of AML/CFT

Friday 28 May 2021 10:48 CET | News

The European Banking Authority (EBA) has launched a public consultation on its new guidelines on cooperation and information exchange in anti-money laundering and countering the financing of terrorism.

The guidelines set out how prudential supervisors, AML/CFT supervisors and financial intelligence units (FIUs) should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive (CRD). This consultation runs until 27 August 2021.

Prudential supervisors, AML/CFT supervisors and financial intelligence units (FIUs) must cooperate closely within their respective competences and provide each other with information relevant for their respective tasks.

These Guidelines put in place the practical modalities of cooperation and information exchange among prudential supervisors, AML/CFT supervisors and FIUs, both at the level of Member States, and across the EU’s Single Market.

While each authority has its own role and responsibilities in the fight against ML/TF, there are areas where their tasks complement each other and therefore effective cooperation and information exchange among them is essential to identify, address, and mitigate ML/TF risks. Such effective cooperation and information exchange is essential to ensure the prudential soundness and viability of institutions and the stability of the financial system.

These Guidelines complement the ESAs’ AML/CFT Colleges Guidelines, which were published in 2019 and form part of the EBA's wider work to strengthen the link between prudential and AML/CFT supervision.


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Keywords: EBA, AML, banks, data sharing, money laundering
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: Europe
This article is part of category

Securing Transactions