The ESAs have published guidelines for supervisors designed to ensure effective cooperation and information exchanges between supervisors to combat money laundering and terrorist finance. The guidelines include a mechanism for setting up colleges of supervisors where a firm operates in more than 3 Member States. Colleges would also include relevant third country supervisors.
The guidelines cover:
- mapping of firms to establish whether a college is needed;
- conditions for establishing a college;
- cooperation between colleges and prudential supervisors’
- composition of colleges; and
- procedural issues related to college meetings.
National authorities now have 2 months to notify the appropriate ESA of whether they comply or intend to comply withe the guidelines.