The European Banking Authority (EBA) published on 16 December 2021 its final Guidelines setting out how prudential supervisors, anti-money laundering, and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units (FIUs) should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive (CRD).
A strong regulatory and supervisory framework to detect and fight money laundering and terrorist financing (‘AML/CFT framework’) that is implemented effectively is essential in order to safeguard the safety and soundness of institutions operating in the financial sector and the integrity and stability of the financial system. However, the evidence from the EBA’s implementation reviews shows that in the absence of specific legal requirements to cooperate and due to the lack of cooperation arrangements, this cooperation and information exchange is not always happening in practice highlighting a clear need for common guidelines in this area.
Our Regulatory Watch is closely monitoring the final guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units. No direct changes to our services are needed at the moment. The guidelines could trigger new regulations, revised regulations, and/or reporting needs. We will keep you informed on any changes in this respect and how this may affect our services.
These guidelines will apply from 1 June 2022.