The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA) today published a Protocol for Supervisory Cooperation in the field of anti-money laundering (AML). The protocol is aimed at facilitating the cross-border exchange of information between national (home and host) supervisors overseeing agents and branches of payment institutions.
The protocol is a non-binding set of guidance which aims to ensure cooperation and coordination amongst AML supervisors. In particular, the protocol includes provisions regarding passport notification and registration process so to facilitate effective AML supervision of agents and branches of payment institution’s operating throughout the EU. It has been developed by the Joint Committee of the ESAs to address some supervisory issues relating to the AML obligations under the Third Anti-Money Laundering [2005/60/EC] and the Payment Services Directive [2007/64/EC] (PSD).
The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors.