The European Banking Agency, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority seek to clarify the practicalities of Inter-‘NCA’ co-operation, creating a Framework for the effective Cross-Border Supervision of Firms for Anti-Money Laundering and Counter-Terrorist Financing purposes.
The Report includes Guidelines for new ‘AML/CTF’ Colleges, providing a permanent structure for Co-operation and Information Exchange between ‘NCAs’. The Guidelines
- Rules governing the Establishment and Operation of Colleges
- Details regarding the Exchange of Information between Colleges and Prudential Supervisors
- Processes for Bilateral Exchange between ‘NCAs’, where Colleges are not established
- Practical Guidelines surrounding College Procedures and Communications
The guidelines will apply from 10 January 2020.
Firms operating within the European Union (‘EU’) should review these Guidelines to develop an awareness of the proposed Framework for Cross-Border ‘NCA’ Collaboration and Information Sharing. Firms operating in three different ‘EU’ Member States will be supervised by Cross-Border ‘AML/CTF’ Colleges.
Firms should monitor further updates and developments in this area, seeking input from Financial Crime Teams, ensuring that Senior Management / Executive Teams, Board Members, Audit and Risk Committees and Board Members are appraised.
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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.
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