The only out of the box approach I found was to use EM to disable monitoring at composite level. Pretty much nothing if you are using BAM adapter (e.g. in Mediator). We can also use following at composite level, but it requires redeployment:
<property name="disableProcessSensors" many="false">true</property>
Following was the pretty intuitive approach we found to control the data going to BAM and we can stop/start/control BAM publishing at runtime. In BAM Sensor (Sensor action) there is feature called Filter. From there we can call any XSL expression, so we wrote custom XSL function which reads some configuration from JVM. We can control the BAM sensor publish event by returning true/false from this function.
We used the similar thing in Mediator, but it was quite simple as it also provides filter expression.
This way we had complete centralized control over BAM publish.