The number of EU banks that have been involved in significant money laundering cases prompted a particular effort to strengthen the EU AML framework. Consequently, the Commission adopted notably in May 2020 in the context of the reinforcement of the Banking Union, an action plan for a comprehensive policy to prevent money laundering and terrorist financing.
A single EU rulebook for AML/CFT and the undertaking at the EU level AML/CFT supervisory tasks should contribute to addressing the existing regulatory and supervisory fragmentation.
Yet, one issue has been how to combine AML/CFT and prudential supervisory authorities improved cooperation (implications of AML issues on the SREP, definition of related methodologies for prudential supervisors, arrangements delivering regular and structured exchange of information, clarification of respective mandates and duties, necessary additional resources, …) while acknowledging the specificity of the respective mandates.
Another issue has also been the definition within each banking institution, regarding the relevant internal organisational, IT and managerial arrangements which achieve both cost-effectiveness and a reduced enough level of failures.
The session is therefore dedicated to take stock on what has been achieved regarding the regulatory framework and its implementation as well as the actual arrangements unfolded by EU and domestic public authorities and the private banking sector to make the progress expected.
Points of discussion
- What are the main challenges that the European Union has still to address regarding AML and Counter Terrorism Financing?
- What are the key challenges faced and the policy priorities required to build an effective regulatory and supervisory framework?