ESAs aim to standardise guidelines on money laundering prevention


September 25 2017

Competent authorities and payment service providers across the EU should agree on how to prevent the abuse of funds transfers for terrorist financing and money laundering purposes, the Joint Committee of the three European Supervisory Authorities (ESAs) has said.

The ESAs consist of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA).  Without consistent rules, authorities are likely to develop differing regulatory standards and disrupt the efficient functioning of payment systems, the ESAs said as they published guidelines aimed at fostering a consistent approach to anti-money laundering and countering the financing of terrorism (AML/CFT).