EBA Highlights 2023 AML/CFT College Progress and Challenges

AML/CFT colleges play a critical role in coordinating supervisory efforts to address money laundering and terrorist financing risks across borders.

Highlights from the Report:

• 264 AML/CFT colleges are now operational, with 34 new colleges established in 2023 to strengthen cross-border supervisory collaboration​;
• Financial Intelligence Unit participation increased to 161, fostering better information sharing for actionable insights​;
• Supervisors identified challenges in applying a risk-based approach and aligning joint actions, signalling the need for enhanced cooperation​; and
• Greater adoption of innovative technology and RegTech is essential to tackle issues like false positives and improve monitoring​

✅ Organisations should prioritise resource allocation, governance improvements, and RegTech integration to strengthen their AML/CFT frameworks and mitigate risks.