The European Supervisory Authorities (ESAs) have concluded a multilateral MoU with the EU’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism.
The ESAs, including EBA, EIOPA, and ESMA, partnered with the EU’s AMLA to ensure effective cooperation and information exchange between the four institutions. The MoU reflects ESAs and AMLA’s mutual agreement to cooperate and perform their respective tasks efficiently and timely, promoting supervisory convergence and cross-sectoral learning in the EU’s financial landscape.
Article 91 of the AMLA Regulation states that AMLA concludes a multilateral MoU with the EASs by 27 June 2025, a move which would explain how the authorities intend to cooperate in performing their respective tasks under EU law.
Joining forces for a safer Europe
The move follows the cooperation framework that AMLA is required to issue regarding the financial sector, and it’s a key element of the institutional arrangements going forward.
Representatives from ESAs mention that the MoU demonstrates the commitment Europe’s financial supervisors have in working closely together to combat money laundering and terrorist financing, crimes that put at risk the continent’s social justice and the well-being of its communities. Detecting companies that engage in such activities demands effort and dedication, and the ESAs are ready to support SMLA with their knowledge, expertise, and data to ensure that these illegalities don’t go undetected or unpunished.
The three ESAs aim to protect the public interest by contributing to the short, medium, and long-term stability of the financial system in Europe. Their task is to develop and implement a common regulatory framework and convergent supervisory practices across the EU.
For AMLA, the partnership is a key step in fostering a risk-focused and integrated European AML/CFT framework. The organisation believes that cooperation is essential in supporting a safer and more resilient Europe. The fight against crime affects all sectors, and organisations are stronger when they work together, according to AMLA.
