EBA consults on new Guidelines on cooperation and information exchange in the area of anti-money laundering and countering the financing of terrorism

The European Banking Authority (EBA) launched today a public consultation on its new Guidelines that set out how prudential supervisors, 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). Cooperation and information exchange is key to ensuring the prudential soundness and viability of institutions, to protecting the EU’s financial system from financial crime and to safeguarding its stability and integrity. This consultation runs until 27 August 2021.

In accordance with Article 117(5) of the CRD, prudential supervisors, AML/CFT supervisors and financial intelligence units (FIUs) must cooperate closely within their respective competences and provide each other with information relevant for their respective tasks.

These Guidelines put in place the practical modalities of cooperation and information exchange among prudential supervisors, AML/CFT supervisors and FIUs, both at the level of Member States, and across the EU’s Single Market.

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.

In particular, the Guidelines help authorities exchange information in a more effective way and bring clarity on which information to exchange with whom and at what stage.

While each authority has its own role and responsibilities in the fight against 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 essential to ensure the prudential soundness and viability of institutions and the stability of the financial system as a whole.

These Guidelines complement the ESAs’ AML/CFT Colleges Guidelines, which were published in 2019 and form part of the EBA's wider work to strengthen the link between prudential and AML/CFT supervision.

Consultation process

Comments on the consultation can be sent to the EBA by clicking on the “send your comments” button on the consultation page. Please note that the deadline for the submission of comments is 27 August 2021.

A public hearing will take place on 7 July from 10:00 to 12:00.

All contributions received will be published after the consultation closes, unless requested otherwise.

Legal basis and background

The AML/CFT cooperation Guidelines 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.