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EBA Report: EU AML/CFT Supervision
The European Banking Authority (EBA) recently assessed EU national competent authorities' (NCAs) effectiveness in combating money laundering and terrorist financing (AML/CFT). While progress has been made in risk-based approaches and cooperation, the report highlights weaknesses in risk assessment methodologies, supervisory strategies, enforcement, and international collaboration. Outdated data and insufficiently intrusive methods hinder the response to emerging threats like cryptocurrencies. The EBA's review concludes before the EU Anti-Money Laundering Authority (AMLA) assumes direct supervision of major financial institutions, raising questions about future AML/CFT consistency across the EU. The full report offers more detailed findings.
Published on 1 year ago