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.
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.
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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