Europe unites on AML efforts with new MoU

The memorandum, involving the EBA, EIOPA and ESMA, sets out how these institutions will work together to perform their tasks efficiently.

The agreement aims to support consistent supervision across Europe’s financial sector, promote the exchange of critical information and enable cross-sector learning among supervisors. It forms part of AMLA’s wider plans to strengthen oversight in the EU’s financial system.

EIOPA chair and chair of the Joint Committee of the ESAs Petra Hielkema said, “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication.

“The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

AMLA chair Bruna Szego said, “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe. The fight against crime affects all sectors and we are stronger when we work together.”

Credit source: This article was originally published on Fintech.global