In July 2023, we published the 2022 review of competent authorities’ approaches to tackling money laundering and terrorist financing (ML/TF) risks in the banking sector. We assessed 12 competent authorities from 9 Member States and we concluded that supervisors are making progress in the fight against ML/TF.

Some competent authorities in the sample have extensively changed their approach to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks, which is now broadly effective. Cooperation between supervisors has also improved. Nevertheless, most supervisors in this sample were asked to do more to tackle ML/TF risk in the banking sector. We provided advice to competent authorities on the steps they should take to strengthen their approach.