European Commission supplements recent fifth Anti-Money Laundering Directive with steps to enhance supervision of financial institutions
The European Commission is aiming to harmonize Member State supervision of financial institutions, to further improve compliance with anti-money laundering legislation. Short-term legislation is aimed at improving information-sharing between national prudential and anti-money laundering authorities, and reinforcing the European Banking Authority’s anti-money laundering mandate, including increased powers of investigation and enforcement. Short-term non-legislative measures will require the European Banking Authority and European Supervisory Authorities to: adopt common guidance to support prudential supervisors; expand the Risk-Based Supervision Joint Guidelines to specify common procedures for assessment of compliance with anti-money laundering rules; conduct reviews of national anti-money laundering authorities, and; improve cooperation with non-EU authorities.