The three European Supervisory Authorities the European Banking Authority (EBA), the European insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA) on 16th December published a Joint guidelines on cooperation and information exchange, establishing colleges of anti-Money Laundering and countering the financing of terrorism (AML/CFT) supervisors for the first time in the EU to ensure effective cooperation and information exchange between competent authorities.
The EIOPA in a statement said these measures are needed to strengthen the EU’s AML/CFT efforts. The financial crime has no borders, it said.
These guidelines aim to foster cooperation between AML/CFT and prudential supervisors and ensure that they exchange relevant information in a timely manner.
The Guidelines also include provisions to structure supervisory cooperation in situations where the conditions for setting up an AML/CFT college are not met.
Here’s the Full report on Joint guidelines on cooperation and information exchange for the purpose of Directive (EU) 2015/849 between competent authorities supervising credit and financial institutions.