IDEAS home Printed from https://ideas.repec.org/a/pal/jbkreg/v23y2022i1d10.1057_s41261-021-00166-0.html
   My bibliography  Save this article

The Single Supervisory Mechanism (SSM) and the EU Anti-Money Laundering framework compared: governance, rules, challenges and opportunities

Author

Listed:
  • Gianni Lo Schiavo

    (European Central Bank)

Abstract

The governance models of banking supervision in the Single Supervisory Mechanism (SSM) and Anti-Money Laundering (AML) have been subject to relevant developments in recent years. These have reshaped institutional and rule designs in the European Union, especially the relation between the national and supranational level. Since 2014, the European Central Bank (ECB) has supranational tasks and powers for the direct supervision of credit institutions, while the AML framework remains a national supervisory model with some EU harmonisation of the substantive rules. This article attempts to compare the two governance models by looking at the two systems through an assessment of their current tasks, objectives, responsibilities and powers. The article shows that there are multiple differences visible with regard to the multilevel cooperation and exercise of tasks and powers in the two models as well as divergent ways in which they will develop in future. It also demonstrates that there are challenges and opportunities in the designs and rules of the two systems.

Suggested Citation

  • Gianni Lo Schiavo, 2022. "The Single Supervisory Mechanism (SSM) and the EU Anti-Money Laundering framework compared: governance, rules, challenges and opportunities," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 91-105, March.
    • Handle: RePEc:pal:jbkreg:v:23:y:2022:i:1:d:10.1057_s41261-021-00166-0
    DOI: 10.1057/s41261-021-00166-0
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41261-021-00166-0
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41261-021-00166-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Anonymous, 1957. "European Coal and Steel Community," International Organization, Cambridge University Press, vol. 11(4), pages 694-698, October.
    2. Anonymous, 1958. "European Coal and Steel Community," International Organization, Cambridge University Press, vol. 12(2), pages 257-260, April.
    3. Anonymous, 1957. "European Coal and Steel Community," International Organization, Cambridge University Press, vol. 11(2), pages 400-404, April.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christian Grabas & Alexander Nützenadel, 2013. "Industrial Policies in Europe in Historical Perspective. WWWforEurope Working Paper No. 15," WIFO Studies, WIFO, number 46867, February.
    2. Leal-Arcas, Rafael, 2004. "The EC in the WTO: The three-level game of decision-making. What multilateralism can learn from regionalism," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 8, September.
    3. Maher, Imelda & Stefan, Oana, 2019. "Delegation of powers and the rule of law: Energy justice in EU energy regulation," Energy Policy, Elsevier, vol. 128(C), pages 84-93.
    4. Leibfried, Stephan, 1998. "Spins of (dis)integration: What might 'reformers' in Canada learn from the 'social dimension' of the European Union?," Working papers of the ZeS 06/1998, University of Bremen, Centre for Social Policy Research (ZeS).
    5. Diane Fromage & Mariolina Eliantonio & Kathryn Wright, 2022. "Soft law and multilevel cooperation as sources of (new) constitutional challenges in EU economic and monetary integration: introduction to the special issue," Journal of Banking Regulation, Palgrave Macmillan, vol. 23(1), pages 1-6, March.
    6. Mihaela Tomaziu-Todosia & Grigore Tinică, 2021. "The Determinants and the Evolution of the Health Policies in Cardiovascular Medicine in a Postmodern Vision," Postmodern Openings, Editura Lumen, Department of Economics, vol. 12(1), pages 169-184, March.
    7. Stephen Martin, 2005. "U.S. Antitrust and EU Competition Policy: Where has the Former Been, Where is the Latter Going?," Working Papers de Economia (Economics Working Papers) 27, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    8. Хасянов Р. З., 2021. "Критерии (Условия) Передачи Государственных Полномочий Организациям: Опыт Зарубежных Стран," Вопросы государственного и муниципального управления // Public administration issues, НИУ ВШЭ, issue 3, pages 155-179.
    9. Lukáš Marek, 2017. "European Deposit Insurance and the Bank Resolution System: An Opportunity to Extend the Single Resolution Mechanism [Evropský systém pojištění vkladů a řešení krizí bank: příležitost k rozšíření je," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2017(4), pages 59-76.
    10. Gren, Jakub, 2018. "The Eurosystem and the Single Supervisory Mechanism: institutional continuity under constitutional constraints," Legal Working Paper Series 17, European Central Bank.
    11. Filipec Ondřej, 2018. "Agent–Principal Dilemma and the EU Chemical Management," TalTech Journal of European Studies, Sciendo, vol. 8(1), pages 154-175, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:jbkreg:v:23:y:2022:i:1:d:10.1057_s41261-021-00166-0. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave-journals.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.