European Supervisory Authorities Publish Guidelines on AML/CTF Cooperation


The European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (collectively known as the European Supervisory Authorities) have published joint guidelines aimed at enhancing cooperation between national regulators in combating anti-money laundering and counter-terrorist financing. The EU Fourth Money Laundering Directive requires national regulators to cooperate in their AML/CTF supervision of entities that operate on a cross-border basis. The guidelines set out how national regulators may satisfy this obligation. They will apply from January 10, 2020; national regulators must make every effort to comply with the guidelines and will be required to notify the ESAs of whether they comply or intend to comply, or give reasons for their non-compliance.