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

28 February 2020

Following the entry into force of Regulation (EU) 2019/2175 of the European Parliament and of the Council on 1st January 2020 (the "Regulation"), the European Banking Authority ("EBA") is from now on entrusted with all anti-money laundering and counter terrorist financing ("AML/CTF") mandates previously held by the three European supervisory authorities (i.e. the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the EBA).

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”.  

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Agency Database

  • Financial Conduct Authority (FCA)
    Term:
    Financial Conduct Authority (FCA)
    Other Names:
    Definition:
    Responsible for consumer protection, market conduct, EU representation & prudential regulation of smaller firms.
    Area:
    Type:
    Regulator
    Country:
    UK
    URL:
    https://www.fca.org.uk/
  • Institute for the supervision of insurance (IVASS)
    Term:
    Institute for the supervision of insurance (IVASS)
    Other Names:
    Istituto per la Vigilanza sulle Assicurazioni
    Definition:
    Supports the Bank of Italy in its supervisory function financial institution, particularly insurance firms.
    Area:
    Type:
    Regulator
    Country:
    Italy
    URL:
    http://www.ivass.it/ivass/imprese_jsp/HomePage.jsp
  • Surveillance of the Financial Sector Commission
    Term:
    Surveillance of the Financial Sector Commission
    Other Names:
    Commission de Surveillance du Secteur Financier (CSSF)
    Definition:
    Responsible for financial regulation in Luxembourg. The competent authority for the authorisation and supervision of payment institutions (article 20); and MiFID.
    Area:
    Type:
    Regulator
    Country:
    Luxembourg
    URL:
    http://www.cssf.lu/en/
  • National Bank of Belgium
    Term:
    National Bank of Belgium
    Other Names:
    NBB
    Definition:
    Belgium's central bank since 1850 performing tasks in the public interest at national and international level.
    Area:
    Type:
    Regulator
    Country:
    Belgium
    URL:
    http://www.nbb.be/pub/home.htm?l=en
  • National Bank of Romania
    Term:
    National Bank of Romania
    Other Names:
    Banca Nationala a Romaniei
    Definition:
    Central bank. The competent authority for the authorisation and supervision of payment institutions (article 20).
    Area:
    Type:
    Regulator
    Country:
    Romania
    URL:
    http://www.bnro.ro/Home.aspx
  • National Securities Commission
    Term:
    National Securities Commission
    Other Names:
    Comisión Nacional del Mercado de Valores (CNMV)
    Definition:
    In charge of supervising and inspecting the Spanish Stock Markets and the activities of all the participants in those markets. The competent authority for MiFID.
    Area:
    Type:
    Regulator
    Country:
    Spain
    URL:
    http://www.cnmv.es/portal/home.aspx?lang=en
  • Bank of Spain
    Term:
    Bank of Spain
    Other Names:
    Banco de Espana
    Definition:
    Central bank. The competent authority for the supervision of payment institutions (note the competent authority for the authorization of payment institutions is the Spanish Ministry of Finance).
    Area:
    Type:
    Regulator
    Country:
    Spain
    URL:
    http://www.bde.es/bde/en/
  • Czech National Bank
    Term:
    Czech National Bank
    Other Names:
    Česká národní banka (CNB)
    Definition:
    Area:
    Type:
    Regulator
    Country:
    Czech Republic
    URL:
    http://www.cnb.cz/en/