On 15 January 2019, the European Supervisory Authorities (ESAs) published a multilateral agreement on the practical modalities for the exchange of information pursuant to article 57a(2) of the Fourth Anti-Money Laundering Directive (the Agreement).
The purpose of the Agreement is to define practical modalities for the exchange of information between anti-money laundering / counter terrorist financing competent authorities and the European Central Bank (ECB), where such information is needed for the performance of tasks of the:
- ECB pursuant to the requirements of the Single Supervisory Mechanism Regulation; or
- competent authorities pursuant to the requirements of the Fourth Anti-Money Laundering Directive or under other laws in the area of anti-money laundering / counter terrorist financing.
The Agreement includes provisions addressing the underlying process for exchanging information; confidentiality and data protection; situations where the request for information can be refused; means of communication and language used in the information exchange; the signing process; and the settlement of disputes procedures.
