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INSIGHT: Getting better but still very patchy performances by EU’s cross-border AML/CFT colleges – EBA report


THE EUROPEAN Banking Authority (EBA) today published a report which shows patchy take-up and quality in the bloc’s AML/CFT colleges.

The colleges are permanent structures which bring together supervisory authorities responsible for AML supervision of cross-border financial institutions operating in at least three EU countries.

Overall, the Paris-based authority finds Europe’s regulators have taken important steps to make the AML/CFT colleges “useful and effective.”

In a minority of actively monitored colleges, however, EBA staff found persistent issues that limited the effectiveness of the colleges. For instance:

– In one college, the lead supervisor was not actively leading the college enough. This resulted in a limited sharing of relevant information, even though significant developments had occurred, which would have merited more in-depth exchanges and possibly the implementation of joint supervisory measures.

– In a few colleges, the persons attending on behalf of some members did not have sufficient knowledge of the recent supervisory

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