EBA publishes final report on NCAs approaches to AML/CFT supervision of banks

The European Banking Authority (EBA) has published its final report, concluding a six-year review of the effectiveness of national competent authorities (NCAs) approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks across the EU/EEA. This final report evaluates the actions taken by NCAs in response to the interim bilateral findings and recommendations the EBA provided to NCAs during the course of its review. The report highlights significant progress by NCAs in adopting risk-based approaches, developing targeted supervisory strategies and enhancing cooperation at both national and international levels, as well as aligning their national strategies and practices with EBA standards.

Enhanced supervisory manuals have contributed to more consistent and effective AML/CFT supervision, and supervisory tools are now being used more strategically. While NCAs have made efforts to strengthen information exchange with their national public authorities and NCAs in other EU jurisdictions and third countries, some jurisdictions continue to face challenges in ensuring effective cooperation, particularly in coordinating with prudential supervisors. This report will form part of the EBA's handover to the new EU Anti-Money Laundering Authority (AMLA), providing a comprehensive overview of current supervisory practices and will serve as a foundation for future indirect supervision under the revised EU AML/CFT framework.

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