ESAs publish AML/CFT cooperation guidance

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.


Emma Radmore