The EBA Report on the functioning of AML/CFT colleges in 2023

In December, we published a Report on the functioning of AML/CFT colleges in 2023. This Report sets out the findings and observations from our monitoring of colleges. The Report finds that competent authorities continued to improve the functioning of AML/CFT colleges. Nevertheless, further progress is needed especially in two key areas, namely: adjusting the functioning of AML/CFT colleges to the ML/TF risks to which the underlying firm is exposed, and discussing the need for a common approach or joint action. Lastly, the Report includes some targeted recommendations addressed to competent authorities to further improve the effectiveness of AML/CFT colleges going forward.