AML/CFT supervision

Notably, 81 per cent of national competent authorities (NCAs) have revised their supervisory manuals in line with EBA standards. Key measures include providing guidance on how to assess the adequacy and effectiveness of obliged entities’ AML/CFT systems and controls, as well as enhancing customer sampling policies.

An impressive 90 per cent of NCAs have enhanced their strategic use of supervisory tools, increasing both the intrusiveness and impact of their oversight. Key measures include the use of external parties to carry out specific supervisory tasks and introducing new supervisory tools.

Cooperation

Domestic cooperation has strengthened, with significant advances in formalising arrangements with financial intelligence units (FIUs) and tax authorities, though some authorities are still working to improve practical information-sharing.

On the international front, 55 per cent of NCAs have fully or largely addressed any findings on the effectiveness of the bilateral cooperation with their counterparts in other jurisdictions.

AML/CFT colleges now play a central role in facilitating cross-border collaboration and even though challenges persist when cooperating with third-country authorities, improvements have been recorded.

Despite ongoing resource constraints and a complex geopolitical landscape, overall effectiveness has improved. The new Anti-Money Laundering Authority (AMLA) is poised to build on this progress, addressing lingering challenges and driving standardisation of AML/CFT supervision across the EU.

EBA’s press release can be found here and the final Report here