EBA issues final Guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units

16 December 2021

The European Banking Authority (EBA) published today 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).

These Guidelines put in place the practical modalities of cooperation and information exchange between prudential supervisors, AML/CFT supervisors and FIUs, both at the level of Member States, and across the EU’s Single Market. In particular, the Guidelines facilitate and support the cooperation and information exchange throughout the supervisory life cycle covering authorisations of new institutions, on-going supervision including the risk assessment, and, where relevant, the imposition of supervisory measures and sanctions, including the withdrawal of the authorisation.

While each authority has its own role and responsibilities in the fight against money laundering and terrorist financing (ML/TF), there are areas where their tasks complement each other and, therefore, effective cooperation and information exchange among them is essential to identify, address and mitigate ML/TF risks. Such effective cooperation and information exchange is fundamental to ensure the prudential soundness and viability of institutions and the stability of the financial system as a whole.

Legal basis and background

The Guidelines on AML/CFT cooperation have been developed in accordance with Article 117(6) of Directive 2013/36/EU and specify the manner for the cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units (FIUs) as required under Article 117(5) of Directive 2013/36/EU.

The EBA consulted on these Guidelines between May and August 2021. In its Special Report 2021/13 published in June 2021, the European Court of Auditors called for enhanced guidance for incorporation of ML/TF risk into prudential supervision and recognised the need to publish these guidelines as a matter of priority by the end of 2021.

DOCUMENTS

Guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and FIUs

LINKS

Guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and financial intelligence units