The six chapter annual plan of the European Central Bank highlights the commitment of the European body to ensure a more harmonised approach by setting methodologies for testing and supervision, by cooperating on the implementation of EU rules in a more coordinated manner and by promoting relevant frameworks for resolution.
In addition, the plan set ” key points of the ECB strategy, AML as priority, data streaming as a need and innovation as the door to sustainability.
During the previous months several organisations at EU and global level have noted that banks are in urgent need for innovation and technology adaptation.
Data represents one of the areas in which banks need to understand the value of data without falling into the old fashioned concept of believing that data belongs to them.
Finally, AML is to be set as a “real priority for the EU”.
To achieve that EBA was established a permanent AML committee aimed to improving supervision and to better captureAML/CTF risks.
During 2020 EBA will be actively producing regulation strengthen supervision and to harmonise EU approach to such risk.