ECA Announces AML Audit
3 August 2020
2018-Max_Planck_Herr_Wahl_1355_black white_Zuschnitt.jpg Thomas Wahl

On 11 June 2020, the European Court of Auditors (ECA) provided information on an upcoming audit on the effectiveness of the EU’s anti-money laundering policy in the banking sector. The audit follows plans by the Commission, the Council, and the European Parliament to review and consolidate the EU’s AML/CFT policy and practice. The issued preview document gives information on the preparatory work undertaken before the start of the audit. The audit will focus on:

  • The transposition of EU legislation in Member State law;
  • The management of risks to the internal market, including the communication of AML risks to banks and national authorities;
  • The coordination and sharing of information among national and EU supervisory bodies;
  • The EU’s action to remedy breaches of its AML law at the national level.

The AML audit was included as a high-priority task in the ECA’s work programme for 2020. The audit report is expected in the first half of 2021.

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2018-Max_Planck_Herr_Wahl_1355_black white_Zuschnitt.jpg
Thomas Wahl

Max Planck Institute for the Study of Crime, Security and Law (MPI CSL)

Public Law Department

Senior Researcher