Prompted by the recent scandals, European policymakers have now taken several initiatives, one of their aims being to strengthen the cooperation between national AML authorities and European banking supervisors. For instance, new European legislation provides that the ECB and national AML authorities exchange relevant information.
To better integrate findings from national AML authorities in prudential supervision, ECB Banking Supervision is setting up an AML coordination function which will have three main roles: to handle interactions with national AML authorities, raise supervisors’ awareness about money laundering risks in banks, and be a centre of expertise on prudential AML topics. But AML is just one example.