BRUSSELS, 20 July 2021 – The European Savings and Retail Banking Group (ESBG) welcomes the ambitious AML-CFT package announced today by the European Commission. The ESBG is hopeful that the proposal will strengthen the fight against financial crime and calls for a clear regulation and efficient responsibility sharing between the new EU authority and the national ones.
“The consistent and integrated EU-wide supervision and the risk-based approach of the new AML-CFT regulation are steps in the right direction”, said Joseph Delhaye, Chair of ESBG’s Legal and Retail Committee.
“ESBG members are fully committed to continue fighting money laundering and believe that a clear and practical regulation will be key to make these efforts most effective”, he added.
The proposal for an EU-wide anti-money laundering authority, also part of the package, would be an extraordinary opportunity to ensure consistent supervisory practices and a comprehensive view of current and emerging risks. Nevertheless, overlaps with national authorities must be avoided and centralisation should not come at the cost of efficiency.
“ESBG fully supports harmonised guidance, better-coordinated implementation and unified supervisory practices on AML-CFT across the EU”, said WSBI-ESBG Managing Director, Peter Simon.
ESBG is looking forward to strengthening the cooperation between supervisors, national Financial Intelligence Units and the private sector on AML-CFT. Particularly, ESBG members would truly value more feedback from authorities and supervisors regarding reporting activities. Close cooperation among all stakeholders is needed to jointly succeed in the fight against money laundering.
About ESBG: The European Savings Banking Group (ESBG) has 23 members in 18 countries. As some of its members are national organisations, ESBG represents the interests of over 800 banks working responsibly and closely with their communities and SMEs. Together, ESBG members manage assets worth €5,700 billion, serve 162 million Europeans and employ nearly 660,000 people. ESBG is the regional arm of the WSBI. Both organisations are headquartered in Brussels. More at https://www.wsbi-esbg.org/