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The European Banking Authority (EBA) published today its second report on the functioning of AML/CFT supervisory colleges in the EU. The Report finds that, although competent authorities are committed to implementing the AML/CFT colleges framework, they need to do more to ensure ongoing collaboration and proactive information exchange within colleges.
This Report sets out findings and observations from EBA staff participation in AML/CFT college meetings and from its monitoring activities. In the report, the EBA sets out its observations of good practices with an aim to help competent authorities to enhance their effectiveness in future. These include well-structured and organised college meetings by lead supervisors, pro-active participation and sharing of comprehensive information by some members and an effective involvement of prudential supervisors in some colleges.
The report also highlights areas for improvement. In particular, it
points out that, due to their immaturity, AML/CFT colleges are not yet
fully embedded in supervisory processes. The Report reminds the
supervisors of the importance to exchange information in colleges on an
ongoing basis and without delay, particularly where material weaknesses
in the institution’s AML/CFT framework have been identified. It also
emphasises the need for colleges to be organised in a more
risk-sensitive manner with more frequent meetings being held for those
cross-border institutions that are exposed to higher risks of ML/TF.