EBA initiates consultation on new guidelines in the area of AML and CFT
On 27 May 2021, the European Banking Authority (EBA) launched a public consultation on its new guidelines that set out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive.
The guidelines set out requirements for the cooperation and information exchange between the relevant authorities domestically and on a cross‐border basis regardless of the institutional setting of these authorities. While each authority has its own role and responsibilities in the fight against Money Laundering/Terrorist Financing (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 as a whole.
The consultation runs until 27 August 2021.
EBA’s press release can be found here.