EBA Highlights Progress in AML/CFT Supervision

Anti-money laundering and countering the financing of terrorism supervision of banks is improving, the EBA finds

Introduction

The European Banking Authority (EBA) has recently published a comprehensive report highlighting the significant progress made by competent authorities across the EU in enhancing their anti-money laundering (AML) and counter-terrorism financing (CFT) supervision of banks. This report is a culmination of six years of in-depth reviews and recommendations aimed at strengthening the effectiveness of AML/CFT measures.

Progress in AML/CFT Supervision

Over the past six years, competent authorities have adopted a risk-based approach to AML/CFT supervision, which has led to the development of dedicated strategies, targeted supervisory plans, and manuals to guide supervisors. These efforts have resulted in more consistent and effective supervision across the sector. Additionally, there has been a notable improvement in cooperation with stakeholders at both national and international levels.

Challenges and Future Directions

Despite the progress, some challenges remain, particularly in aligning national strategies with EBA standards and enhancing cooperation mechanisms with prudential supervisors. The establishment of the new EU Anti-Money Laundering Authority (AMLA) is expected to further improve the consistency and effectiveness of AML/CFT supervision.

Legal Framework and Next Steps

The EBA's reviews were conducted under the EBA Regulation, which mandates the authority to ensure effective supervisory practices and prevent the misuse of the EU's financial system for ML/TF purposes. The report provides AMLA with an up-to-date view of the state of AML/CFT supervision in the EU, forming a basis for future indirect supervision.

Conclusion

The EBA's report marks the conclusion of a multiannual project aimed at enhancing AML/CFT supervision. It highlights the significant strides made by competent authorities and sets the stage for further improvements under the new EU AML/CFT framework.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Adopter une approche basée sur les risques pour la supervision AML/CFT.

- Renforcer la coopération avec les parties prenantes nationales et internationales.

- Aligner les stratégies nationales avec les normes de l'EBA.

- Améliorer les mécanismes de coopération avec les superviseurs prudentiels.

- Utiliser tous les outils de supervision disponibles de manière stratégique.