Jose Manuel Campa, EBA Chair, spoke to ECON on the importance of consistent application of AML legislation. He explained the ESAs’ current powers, and the guidelines already published. He said EBA is working on two more guidelines and an opinion, and continues work to promote a common understanding of ML/TF risks and consistent supervision. But he cautioned EBA’s enforcement powers are limited. He noted that CRD5 recognises the importance of AML controls in the prudential framework.
Finally, he spoke of the help EBA has been asked to give in investigating specific suspected cases of money laundering and what it has done to assist, and looked forward to its role under recent changes to the ESAs regulation. But, he said, the current minimum-harmonisation-based Directive process does not encourage convergence, and the move to a Regulation instead would be helpful.