EBA publishes final report on the response to the European Commission’s EC Call for Advice on new AMLA mandates

In October, we published our response to the European Commission’s (EC) Call for Advice on new mandates for AMLA. The report includes our proposals for four draft Regulatory Technical Standards (RTS) and technical advice on pecuniary sanctions, and information sharing in the intra- group context.  

These standards are central to the new AML/CFT framework. Once adopted, EU AML supervisors will for the first time adopt a consistent approach to enforcement and assess entity-level ML/TF risk in the same way.  AMLA will be able to draw on this work to decide which institutions it will supervise directly. For institutions, key changes relate to common rules on the application of customer due diligence measures. 

It will now fall to AMLA to take this work forward.