EBA's new mandate to lead AML/CFT supervision efforts across the entire EU financial sector


The Regulation therefore bolsters the EBA’s powers by introducing a legal duty for EBA to contribute in the fight against money laundering and the financing of terrorism (“ML-TF”) and to take a leading, coordinating and monitoring role at European Union level to protect the financial sector from ML/TF risks.

The EBA published on its website a factsheet explaining its new role and how it will act in performing its consolidated functions, available here.

As indicated by the EBA itself, it is now “solely responsible for leading, coordinating and monitoring AML/CFT efforts across the EU financial sector” with the objective of ensuring that the EU is a “hostile place for criminals”.