ESAs strengthen cooperation on AML/ CFT matters between competent authorities

In order to strengthen the EU’s AML/ CFT efforts, joint guidelines between the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have recently been published. These guidelines focus on matters such as cooperation and information exchange, establishing supervisory colleges of anti-money laundering and countering the financing of terrorism (AML/ CFT) in order to ensure effective information exchange between the competent authorities.

The ESAs are issuing these guidelines in order to highlight the methods of supervisory cooperation and information exchange and to establish a common framework to be used by all supervisors. In order to achieve this, the AML/ CFT colleges are highlighted within the guidelines.

This article provides further insight on the guidelines covering conditions for establishing and maintaining an AML/ CFT college, cooperation between the colleges and prudential supervisors and other procedural arrangements.