The EBA has been given new powers in the area of anti-money laundering (AML) to lead policy development, to coordinate and to monitor the efforts of national supervisors in order to strengthen AML practices across the single market.
In 2019, in a response to the call received from the Commission, the EBA prepared its advice on the implementation of the Basel III framework in the EU. Throughout its advice, the EBA devoted particular attention to areas where specific European arrangements may exist, providing a detailed analysis of the impact of the reform by business models and bank size.
Financial innovation and digital finance were also at the core of the EBA’s activities. The Authority provided guidance to banks to strengthen governance in the areas of outsourcing to the cloud and ICT risk, and has advised the European Commission on cybersecurity and on the applicability and suitability of EU law to crypto-assets. The EBA also published its Action plan sustainable finance outlining its approach and timeline for delivering mandates related to environmental, social and governance (ESG) factors.
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