EU Commission Proposes Stronger Anti-Money Laundering Supervision For A Stable Banking And Financial Sector

; posted on
September 13th, 2018

The European Commission proposed to amend the Regulation establishing the European Banking Authority (EBA) to further strengthen the supervision of EU financial institutions to better address money-laundering and terrorist financing threats.

Enhancing the Role of the European Banking Authority

Under the amended regulation, the EBA will be able to request national anti-money laundering supervisors to investigate potential material breaches and to request them to consider targeted actions. Its power will be reinforced as a last resort to address decisions directly to individual financial sector operators if national authorities do not act. Together with some other measures, the anti-money laundering powers in relation to the financial sector are concentrated within the EBA and the mandate of the EBA is strengthened to ensure that risks of money-laundering are effectively and consistently supervised by all relevant authorities and that the relevant authorities cooperate and share information.

Making Full Use of Existing Supervisory Tools

The Commission is also presenting a strategy to improve information exchange and cooperation between prudential and anti-money laundering authorities. It invites the European Supervisory Authorities, and in particular the EBA, to adopt guidance supporting prudential supervisors in integrating anti-money laundering aspects into their various tools and ensuring supervisory convergence. Besides, the Commission also invites the European Central Bank to conclude with anti-money laundering supervisors a multilateral memorandum of understanding on exchange of information by 10 January 2019.

Source: European Commission

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