EBA published its second Report on Competent Authorities’ approaches to the AML and CFT supervision of banks

On 22nd of March 2022, The European Banking Authority (EBA) has published a report on competent authorities’ approaches to the anti-money laundering (AML) and countering the financing of terrorism (CFT) supervision of banks.

The report summarises the findings from the second year of EBA’s ongoing reviews of competent authorities that are responsible for the AML/CFT supervision of banks in the European Union (EU) and in the European Economic Area (EEA).

In this alert you will read more about the key areas of the report, recommendations of the review team, challenges faced by competent authorities and next steps they must take to meet increased regulatory requirements.