ESAs publish guidelines on anti-money laundering and counter-terrorist financing supervision

The Joint Committee of the European Supervisory Authorities (ESAs), comprising the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), has published final guidelines on anti-money laundering and countering the financing of terrorism (AML/CFT) and the steps to be taken when conducting supervision on a risk-sensitive basis.

The guidelines are aimed at National Competent Authorities (NCAs) responsible for supervising credit and financial institutions' compliance with applicable AML/CFT obligations and set out what NCAs should do to ensure that their allocation of supervisory resources is proportionate to the level of money laundering and terrorist financing (ML/TF) risk associated with credit and financial institutions in their sector.

The guidelines will apply from November 2017.