On 15 December 2020, the European Banking Authority (EBA) published its first report on progress made by competent authorities with the setting up of colleges to enhance supervisory cooperation for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes. The EBA’s work on monitoring colleges is part of its new role to lead, coordinate and monitor the fight against money laundering and terrorist financing (ML/TF) in all EU Member States as set out in the EBA Regulation.

The report provides examples of good and poor practices drawing on the lessons learnt from the first colleges, with the aim of supporting the effective and efficient setting up and operation of new colleges going forward. In particular, the report highlights that there was a good level of interaction and willingness to share the information through a mix of presentations and round-table discussions within the colleges, which contributed to enhancing the supervisors’ understanding of the group’s exposure to ML/TF risks in different jurisdictions.