By ALISHA HOULIHAN for AMLi
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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