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Financial RegulationSeptember 14 2022

EBA announces plan to address faltering AML/CFT colleges

The European Banking Authority has set out an action plan following its report outlining deficiencies in the supervisory networks’ operations. James King reports.
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EBA announces plan to address faltering AML/CFT colleges Image: Getty Images

The European Banking Authority (EBA) has emphasised the need for more “proactive engagement” between anti-money laundering and combatting the financing of terrorism (AML/CFT) colleges in the EU. Such colleges are permanent structures designed to facilitate co-operation and knowledge sharing between competent authorities in the context of cross-border financial supervision.

In its second report on the functioning of these supervisory colleges, published on September 1, 2022, the Paris-based EBA identified a number of operational deficiencies linked to their conduct, including examples of poor information exchange and weak organisational standards. Taken together, these shortcomings are limiting the effectiveness of the EU’s existing AML/CFT framework.

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