Thus, a bank authorized in one member state can operate in any other member state (by establishing branches or through the free provision of services) under a system of notification and without the need for authorization. Prudential controls are conducted by the authorities of the home member state; the host state is responsible for anti-money-laundering and consumer protection.
With Brexit the single passport will be withdrawn. British banks will be treated like thirdcountry banks: they will need to obtain a licence in all the member states where they wish to operate and will become subject to supervision by their host country.