On 16 December 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a final report containing joint guidelines on cooperation and information exchange between national competent authorities (NCAs) supervising credit and financial institutions under the Fourth Anti-Money Laundering Directive (4MLD).
The guidelines establish colleges of anti-money laundering/counter terrorist financing (AML/CTF) supervisors for the first time in the EU. These colleges provide a platform for sharing information between AML/CTF and prudential supervisors. The guidelines aim to clarify the practicalities of supervisory cooperation and information exchange, and to create a common framework that supervisors should use to support effective oversight of cross-border groups from an AML/CTF and prudential perspective.
The guidelines have been prepared in accordance with Articles 50a, 57a and 57b of 4MLD and outline:
- the mapping of firms;
- the conditions for establishing and maintaining an AML/CTF college;
- cooperation between AML/CTF colleges and prudential supervisors;
- the composition of AML/CTF colleges; and
- procedural issues relating to college meetings, procedures for requesting and providing mutual assistance and a common approach.
The guidelines will apply from 10 January 2020, however there is a transitional period of two years for low-risk firms.