Regulatory Alerts2021-08-25
Joint guidelines on cooperation and information exchange for the purpose of Directive (EU) 2015/849
The European Supervisory Authorities issued these guidelines to establish a common framework for cooperation and information exchange among competent authorities supervising cross-border credit and financial institutions under Directive (EU) 2015/849. The document mandates the creation of AML/CFT colleges for firms operating in three or more jurisdictions to facilitate permanent coordination, define membership structures, and standardize information sharing between AML/CFT and prudential supervisors. It further outlines procedural rules for college meetings, mutual assistance, confidentiality safeguards, and conflict resolution to ensure consistent and effective anti-money laundering and counter-terrorist financing oversight across the EU.
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