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E U R O P E A N B A N K I N G A U T H O R I T Y
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Anti-Money-Laundering Subcommittee
This subcommittee has assessed the situ­ation
across EU Member States of the legal and
regulatory provisions, as well as supervisory
standards, in relation to the application of the
third money-laundering directive (third MLD),
regarding beneficial ownership ‘customer due
diligence’ requirements and ‘simplified due
diligence requirements’, inter alia, publishing
two reports in April 2012.
Additionally, in August 2012, the subcommittee
published a protocol on cooperation between
home and host supervisors, to facilitate ef-
fective anti-money-laundering supervision of
agents and branches of payment institutions
in host Member States in accordance with the
payment services directive.
In December 2012, a joint report was published
on the application of anti-money-laundering
and counterterrorism financing (AML/CTF)
obligations to, and the AML/CTF supervision
of, e-money issuers, agents and distributors
in Europe. The report highlights significant
differences in Member States’ interpretation
of the second e-money directive and the treat-
ment of e-money issuers.
3.5.3. Other areas
One of the key tasks in 2012 was the Joint
Committee’s work on the European market
infrastructure regulation, where the regula-
tion requires that regulatory technical stand-
ards are developed jointly by the three ESAs.
In March 2012, the Joint Committee put for-
ward its ‘Joint discussion paper on draft regu-
latory technical standards on risk mitigation
techniques for OTC derivatives not cleared
by a CCP under the European market infra-
structure regulation’. This work will benefit in
2013 from the progress by the different work-
streams on OTC derivatives regulation, both in
Europe and globally.
The Joint Committee and the Boards of Super­
visors of the EBA and ESMA agreed in Sep-
tember 2012 to work on benchmark-related
issues.
The ESAs also jointly provided support to the
Board of Appeal, which was formed in De-
cember 2011. Since then, the Board of Appeal
elected its president and vice-president and
set up its rules of procedures.
The ESAs have strived to adopt a coordinated
approach vis-à-vis the European System of
Financial Supervision (ESFS) evaluation by
the Commission, by jointly providing a self-
assessment report, as well as a joint response
to the European Parliament’s set of common
questions in view of the public hearing of Sep-
tember 2012. More generally, the ESAs adopt a
coordinated approach to questions of common
interest when it comes to interacting with EU
institutions and stakeholders. They will fur-
ther cooperate to the evaluation by the Com-
mission in 2013.