European Commission - European Banking Authority (EBA)

The EBA is an independent EU Authority required to ensure the integrity, transparency and orderly functioning of EU financial markets. As part of this mandate, the EBA works to prevent the use of the EU financial system for the purposes of money laundering and terrorist financing.

The EBA has published a factsheet about its role along with a number of technical standards, guidelines and recommendations, opinions, reports and other publications, all of which are available from the EBA website.

Across the EU, the EBA:

• leads the development of AML/CFT policy and supports its effective implementation by competent authorities and financial institutions to foster an effective risk-based approach to AML/CFT with consistent outcomes;
• co-ordinates and fosters effective co-operation and information exchange between all relevant authorities in a way that supports the development of a common understanding of ML/TF risks, strengthens risk-based AML/CFT supervision, ensures that emerging risks are dealt with promptly across the single market and ensures effective oversight of cross border financial institutions; and
• monitors the implementation of EU AML/CFT policies and standards to identify vulnerabilities in competent authorities’ approaches to AML/CFT supervision and to take steps to mitigate them before ML/TF risks materialise.