AMLA and ECB Strengthen Cooperation

AMLA and ECB Sign Agreement on Cooperation

Introduction

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) and the European Central Bank (ECB) have signed a Memorandum of Understanding (MoU) to enhance cooperation and information exchange. This agreement aims to strengthen supervisory effectiveness, maximize efficiency, and avoid duplication of effort.

Key Aspects of the Agreement

The MoU outlines a framework for cooperation between AMLA and ECB, focusing on:

- Strengthening cooperation between prudential and anti-money laundering supervision.

- Establishing principles for information exchange and regular collaboration on policies and standards.

- Direct supervision of financial institutions exposed to cross-border money laundering risks, including payment institutions, crypto-asset service providers, and certain banks.

- Consistency in policy approaches and supervisory standards, particularly where these impact the other institution’s mandate.

Statements from Key Figures

Bruna Szego, Chair of AMLA, emphasized the importance of close cooperation between AML/CFT and prudential supervisors to build a robust anti-money laundering framework across Europe. Claudia Buch, Chair of the ECB’s Supervisory Board, highlighted the necessity of efficient collaboration to strengthen the banking sector's resilience.

Operational Implications

The agreement facilitates structured cooperation between the ECB and AMLA, allowing for coordinated responses to risks. It includes provisions for:

- Supervisory measures related to internal controls and governance.

- Application of sanctions, including business restrictions or license withdrawals due to serious AML/CFT rule breaches.

- Regular discussions on matters of shared interest and cross-institutional board meeting observations.

Conclusion

This MoU is part of the new EU anti-money laundering package and meets the legal requirement under Article 92(3) of the AMLA Regulation for supervisory cooperation between AMLA and the ECB.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Établir des protocoles de communication réguliers entre les équipes de conformité et de supervision prudentielle.

- Mettre en place des formations conjointes pour renforcer la compréhension des rôles et responsabilités respectifs.

- Élaborer des procédures pour l'échange d'informations critiques en temps opportun.

- Créer un comité de coordination pour superviser la mise en œuvre de l'accord.

- Évaluer régulièrement l'efficacité de la coopération et ajuster les stratégies en conséquence.