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109 articles quoted, 0 held without text.

Page 1 of 3: Article 1 to Article 32.

1. 001 Article 1

   Article 1 Establishment and scope of action 1. The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (‘the Authority’) is hereby established. 2. The Authority shall act within the powers conferred on it by this Regulation, in particular those set out in Article 6, and within the scope of Regulation (EU) 2023/1113, Directive (EU) 2024/1640 and Regulation (EU) 2024/1624, as well as all directives, regulations and decisions based on those acts, of any further legally binding Union act which confers tasks on the Authority, and of national legislation transposing Directive (EU) 2024/1640, and other directives conferring tasks on supervisory authorities. 3. The objective of the Authority shall be to protect the public interest, the stability and integrity of the Union’s financial system, and the proper functioning of the internal market by: (a) preventing the use of the Union’s financial system for the purposes of money laundering and terrorist financing (‘ML/TF’); (b) contributing to the identification and assessment of ML/TF risks and threats across the internal market, as well as risks and threats originating from outside the Union that impact, or have the potential to impact, the internal market; (c) ensuring high-quality supervision in the area of anti-money laundering and countering the financing of terrorism (‘AML/CFT’) across the internal market; (d) contributing to supervisory convergence in the area of AML/CFT across the internal market; (e) contributing to the harmonisation of practices in the detection of suspicious transactions or activities by Financial Intelligence Units (‘FIUs’); (f) supporting and coordinating the exchange of information between FIUs, and between FIUs and other competent authorities. The provisions of this Regulation are without prejudice to the powers of the Commission, in particular pursuant to Article 258 TFEU, to ensure compliance with Union law.

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2. 002 Article 2

   Article 2 Definitions 1. For the purposes of this Regulation, in addition to the definitions set out in Article 2 of Regulation (EU) 2024/1624 and Article 2 of Directive (EU) 2024/1640, the following definitions apply: (1) ‘selected obliged entity’ means a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; (2) ‘non-selected obliged entity’ means a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, other than a selected obliged entity; (3) ‘AML/CFT supervisory system’ means the Authority and the supervisory authorities in Member States; (4) ‘non-AML/CFT authority’ means: (a) a competent authority as defined in Article 4(1), point (40), of Regulation (EU) No 575/2013 of the European Parliament and of the Council; (b) the European Central Bank (ECB), when it carries out the tasks conferred on it by Regulation (EU) No 1024/2013; (c) a resolution authority designated in accordance with Article 3 of Directive 2014/59/EU; (d) a designated authority as defined in Article 2(1), point (18), of Directive 2014/49/EU; (e) a competent authority as defined in Article 3(1), point (35), of Regulation (EU) 2023/1114.

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3. 003 Article 3

   Article 3 Legal status 1. The Authority shall be a Union body with legal personality. 2. In each Member State, the Authority shall enjoy the most extensive legal capacity accorded to legal persons under national law. It may, in particular, acquire or dispose of movable and immovable property and be a party to legal proceedings. 3. The Authority shall be represented by its Chair.

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4. 004 Article 4

   Article 4 Seat The Authority shall have its seat in Frankfurt am Main, Germany.

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5. 005 Article 5

   Article 5 Tasks 1. The Authority shall perform the following tasks with respect to ML/TF risks facing the internal market: (a) monitor developments across the internal market and assess threats, vulnerabilities and risks in relation to ML/TF; (b) monitor developments in third countries and assess threats, vulnerabilities and risks in relation to their AML/CFT systems that have an actual or potential impact on the internal market; (c) collect and analyse information, from its own supervisory activities and those of the supervisors and supervisory authorities, on weaknesses identified in the application of AML/CFT rules by obliged entities, the risk exposure of obliged entities, the sanctions imposed and the remedial actions taken; (d) establish a central AML/CFT database of information collected from supervisory authorities or stemming from the Authority’s activities, and keep it up to date; (e) analyse the information collected in the central database and share those analyses with supervisors, supervisory authorities and non-AML/CFT authorities on a need-to-know and confidential basis; (f) support the analysis of risks of ML/TF and of non-implementation and evasion of targeted financial sanctions affecting the internal market, referred to in Article 7 of Directive (EU) 2024/1640; (g) support, facilitate and strengthen cooperation and exchange of information between obliged entities and supervisors, supervisory authorities and non-AML/CFT authorities in order to develop a common understanding of ML/TF risks and threats facing the internal market, including by participating in partnerships for information sharing in the field of AML/CFT; (h) issue publications and provide training, as well as other services on demand, in order to raise awareness of, and address, ML/TF risks; (i) report to the Commission any instances where the Authority, in the performance of its tasks, discovers that a Member State has transposed Directive (EU) 2024/1640 incorrectly or incompletely; (j) undertake any other specific task set out in this Regulation or in the other legislative acts referred to in Article 1(2); (k) assist the Commission in reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, review the application of the guidelines and recommendations issued by the Authority and propose amendments, where appropriate, including amendments to: (i) remove redundant or obsolete reporting requirements and minimise costs while preserving data usability and quality; (ii) ensure proportionate and consistent reporting requirements; and (iii) address regulatory gaps related to reporting requirements. 2. The Authority shall perform the following tasks with respect to selected obliged entities: (a) ensure compliance of the selected obliged entities with the requirements applicable to them pursuant to Regulation (EU) 2024/1624 and Regulation (EU) 2023/1113, including obligations related to the implementation of targeted financial sanctions; (b) carry out supervisory reviews and assessments at the level of individual entities and at group-wide level in order to determine whether the internal policies, procedures and controls put in place by the selected obliged entities are adequate to comply with the requirements applicable to them, and on the basis of those supervisory reviews and assessments impose specific requirements, apply administrative measures and impose pecuniary sanctions and periodic penalty payments pursuant to Articles 21, 22 and 23; (c) participate in group-wide supervision, in particular in AML/CFT supervisory colleges, including where a selected obliged entity is part of a group that has headquarters, subsidiaries or branches outside the Union; (d) develop and keep up to date a system to assess the risks and vulnerabilities of the selected obliged entities, in order to inform the supervisory activities of the Authority and the supervisory authorities, including through the collection of data from those entities by means of structured questionnaires and other online or offline tools. 3. The Authority shall perform the following tasks with respect to financial supervisors: (a) maintain an up-to-date list of financial supervisors within the Union; (b) carry out periodic assessments to ensure that all financial supervisors have adequate resources, powers and strategies necessary for the performance of their tasks in the area of AML/CFT, and make the results of such assessments available; (c) take, in response to a request by financial supervisors for the Authority to assume direct supervision or on the Authority’s own initiative, appropriate measures in exceptional circumstances requiring the Authority’s intervention and related to non-selected obliged entities’ compliance or risk exposure; (d) facilitate the functioning of the AML/CFT supervisory colleges in the financial sector; (e) contribute, in collaboration with financial supervisors, to the convergence of supervisory practices and the promotion of high supervisory standards in the area of AML/CFT, including in relation to verification of compliance with AML/CFT requirements related to targeted financial sanctions; (f) coordinate staff and information exchanges among financial supervisors in the Union in the area of AML/CFT; (g) provide assistance, in the area of AML/CFT, to financial supervisors, following their specific requests, including requests to mediate between financial supervisors; (h) settle, with binding effect, disagreements between financial supervisors concerning the measures to be taken in relation to an obliged entity, including in the context of AML/CFT supervisory colleges, following a specific request as referred to in point (g). 4. The Authority shall perform the following tasks with respect to non-financial supervisors: (a) maintain an up-to-date list of non-financial supervisors within the Union; (b) coordinate peer reviews of supervisory standards and practices in the area of AML/CFT; (c) in the area of AML/CFT, investigate potential breaches or non-application of Union law by non-financial supervisors and public authorities overseeing self-regulatory bodies, issue recommendations on how to remedy the identified breaches and, where the supervisors or public authorities do not comply with the recommendations, issue warnings identifying the measures to be implemented to mitigate the effects of the breach; (d) carry out periodic reviews to ensure that all non-financial supervisors have adequate resources and powers necessary for the performance of their tasks in the area of AML/CFT; (e) contribute to the convergence of supervisory practices and the promotion of high supervisory standards in the area of AML/CFT; (f) facilitate the functioning of AML/CFT supervisory colleges in the non-financial sector; (g) provide assistance to non-financial supervisors, following their specific requests, such as requests to mediate between non-financial supervisors in the event of a disagreement on the measures to be taken in relation to an obliged entity, including in the context of AML/CFT supervisory colleges. Where supervision of specific sectors is delegated at national level to self-regulatory bodies, the Authority shall exercise the tasks set out in the first subparagraph in relation to supervisory authorities overseeing the activities of those bodies. 5. The Authority shall perform the following tasks with respect to FIUs and their activities in Member States: (a) maintain an up-to-date list of FIUs within the Union; (b) monitor changes in the legal framework of FIUs, as well as in their organisation, focusing on resources for the performance of their tasks; (c) support the work of FIUs and contribute to improved cooperation and coordination between FIUs; (d) contribute to the identification and the selection of relevant cases for the conduct of joint analyses by FIUs; (e) develop appropriate methods and procedures for the conduct of joint analyses by FIUs of cross-border cases; (f) set up, coordinate, organise and facilitate the conduct of joint analyses carried out by FIUs; (g) provide assistance to FIUs, upon their specific requests, such as requests for mediation in the case of a disagreement between FIUs; (h) conduct peer reviews of the activities of FIUs aimed at strengthening their consistency and effectiveness and identifying best practices; (i) develop and make available to FIUs tools and services to enhance their analysis capabilities, as well as IT and artificial intelligence services and tools for secure information sharing, including by hosting FIU.net; (j) develop, share and promote expert knowledge on detection, analysis, and dissemination methods of suspicious transactions; (k) at the request of FIUs, provide them with specialised training and assistance, including through the provision of financial support, within the scope of the Authority’s objectives and in accordance with the staffing and budgetary resources at its disposal; (l) support, at the request of FIUs, their interaction with obliged entities by providing expert knowledge to obliged entities, including improving their awareness and procedures to detect suspicious activities and transactions and their reporting to the FIUs; (m) prepare and coordinate assessments and strategic analyses of ML/TF threats, risks and methods identified by FIUs. 6. For the purpose of carrying out the tasks conferred on it by this Regulation, the Authority shall apply all relevant Union law, and where that Union law is composed of directives, the national legislation transposing those directives. Where the applicable law is composed of regulations, and where currently those regulations expressly grant options for Member States, the Authority shall apply also the national legislation exercising those options.

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6. 006 Article 6

   Article 6 Powers of the Authority 1. With respect to the selected obliged entities, the Authority shall have the supervisory and investigative powers as specified in Articles 17 to 21 and the power to impose pecuniary sanctions and periodic penalty payments as specified in Articles 22 and 23. The Authority shall also have the powers and obligations which financial supervisors have in the area of AML/CFT under the applicable Union law, unless otherwise provided for by this Regulation. To the extent necessary to carry out the tasks conferred on it by this Regulation, the Authority may require financial supervisors, by way of instructions, to make use of their powers in the area of AML/CFT, under and in accordance with the conditions set out in national law, where this Regulation does not confer such powers on the Authority. For the purposes of exercising the powers referred to in the first and second subparagraphs, the Authority may issue binding decisions addressed to individual selected obliged entities. The Authority shall have the power to apply administrative measures and impose pecuniary sanctions for non-compliance with the decisions taken in the exercise of the power laid down in Article 21 in accordance with Article 22. 2. With respect to supervisors and supervisory authorities, the Authority shall have the following powers: (a) to require the submission of information or documents, including written or oral explanations, necessary for the performance of its functions, including statistical information and information concerning internal processes or arrangements of national supervisors and supervisory authorities, and to access that information in and extract it from the common structured questionnaires and other online and offline tools developed by the Authority; (b) to issue guidelines and recommendations; (c) to issue requests to act and instructions on measures to be taken in relation to non-selected obliged entities pursuant to Chapter II, Section 4; (d) to carry out mediation upon the request of a financial supervisor or of a non-financial supervisor; (e) upon the request of financial supervisors, to settle, with binding effect, disagreements between financial supervisors, including in the context of the AML/CFT supervisory colleges. 3. With respect to FIUs in Member States, the Authority shall have the following powers: (a) to request non-operational data and analyses from FIUs, where they are necessary for the assessment of threats, vulnerabilities and risks facing the internal market in relation to ML/TF; (b) to collect information and statistics in relation to the tasks and activities of FIUs; (c) to obtain and process information and data required for initiating, conducting and coordinating joint analyses as specified in Article 40; (d) to issue guidelines and recommendations. 4. For the purposes of carrying out the tasks set out in Article 5(1), the Authority shall have the following powers: (a) to develop draft regulatory technical standards in accordance with Article 49; (b) to develop draft implementing technical standards in accordance with Article 53; (c) to issue guidelines and recommendations, as provided for in Article 54; (d) to provide opinions to the European Parliament, to the Council and to the Commission, as provided for in Article 55.

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7. 007 Article 7

   Article 7 Cooperation within the AML/CFT supervisory system 1. The Authority shall be responsible for the effective and consistent functioning of the AML/CFT supervisory system. 2. The Authority and the supervisory authorities shall be subject to a duty of cooperation in good faith, and to an obligation to exchange information for AML/CFT purposes in accordance with this Regulation, Regulation (EU) 2023/1113, Regulation (EU) 2024/1624 and Directive (EU) 2024/1640. 3. At the request of the Authority, supervisory authorities shall provide the Authority with all information concerning obliged entities that remain directly supervised at national level which is necessary for the fulfilment of Authority’s tasks pursuant to Article 5(1), (3) and (4), where the supervisory authorities have legal access to such information. 4. Supervisory authorities shall assist the Authority in identifying and taking into account the specificities of their respective national legal frameworks, in particular where the Authority is applying national legislation transposing Union law as referred to in Article 1(2).

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8. 008 Article 8

   Article 8 AML/CFT supervisory methodology 1. In cooperation with the supervisory authorities, the Authority shall develop and maintain an up-to-date and harmonised AML/CFT supervisory methodology detailing the risk-based approach to supervision of obliged entities in the Union. That methodology shall comprise guidelines, recommendations, opinions and other measures and instruments as appropriate, including in particular regulatory and implementing technical standards, on the basis of the empowerments laid down in the acts referred to in Article 1(2). 2. When developing the supervisory methodology, the Authority shall distinguish between obliged entities, including on the basis of their activities and the type and nature of the ML/TF risks to which they are exposed. The supervisory methodology shall be risk-based and contain at least the following elements: (a) benchmarks and a methodology for classification of obliged entities into risk categories on the basis of their residual risk profile, separately for each category of obliged entities; (b) approaches to supervisory review of ML/TF risk self-assessments of obliged entities; (c) approaches to supervisory review of obliged entities’ internal policies and procedures, including their customer due diligence policies and procedures, in line with a risk-based approach to the prevention of ML/TF; (d) approaches to supervisory evaluation of risk factors inherent in, or related to, customers, business relationships, transactions and delivery channels of obliged entities, as well as geographical risk factors. 3. The Authority shall develop structured questionnaires and other online or offline tools to be used by the Authority and supervisors for the purposes of requesting, collecting, compiling and analysing data and information from obliged entities, including the data to be relied upon in application of the elements of the supervisory methodology listed in paragraph 2. The tools developed by the Authority shall ensure the collection of objective and comparable AML/CFT-related data and information from obliged entities and enable an efficient and speedy exchange of information between supervisors and the Authority. The Authority shall endeavour to develop those tools as soon as the supervisory methodology is applicable across the entire AML/CFT supervisory system. 4. The supervisory methodology shall reflect high supervisory standards at Union level and shall build on relevant international standards and guidance. The Authority shall periodically review and update its supervisory methodology, taking into account the evolution of risks affecting the internal market, including risks and threats identified by national law enforcement authorities and FIUs. The supervisory methodology shall, to the extent possible, take into account best practices and guidance developed by international standard setters.

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9. 009 Article 9

   Article 9 Thematic reviews 1. No later than 1 December each year, supervisory authorities shall provide information to the Authority on supervisory reviews which they intend to carry out, on a thematic basis, during the following year or supervisory term and which aim to assess ML/TF risks or a specific aspect of such risks to which multiple obliged entities are exposed at the same time. The following information shall be provided: (a) the scope of each planned thematic review in terms of category and number of obliged entities included and the subject matter of the review; (b) the timeframe of each planned thematic review; (c) the planned types, nature and frequency of supervisory activities to be performed in relation to each thematic review, including any on-site inspections or other types of direct interaction with obliged entities, where applicable. 2. By the end of each year, the Chair of the Authority shall present to the General Board in supervisory composition as referred to in Article 57(2) a consolidated planning of the thematic reviews that supervisory authorities intend to carry out during the following year. 3. Where the scope and Union-wide relevance of thematic reviews justify coordination at Union level, they shall be carried out jointly by the relevant supervisory authorities and shall be coordinated by the Authority. The Executive Board may propose joint thematic reviews based on the available analyses of threats, vulnerabilities and risks in the internal market. The General Board in supervisory composition shall draw up a list of joint thematic reviews. The General Board in supervisory composition shall draw up a report relating to the conduct, subject matter and outcome of each joint thematic review. The Authority shall publish that report on its website. 4. The Authority shall coordinate the activities of the supervisory authorities and facilitate the planning and execution of the joint thematic reviews referred to in paragraph 3. Any direct interaction with obliged entities other than the selected obliged entities in the context of any thematic review shall remain under the exclusive responsibility of the supervisory authority responsible for supervision of those obliged entities and shall not be construed as a transfer of tasks and powers related to those entities within the AML/CFT supervisory system. 5. Where planned thematic reviews at national level are not subject to a coordinated approach at the level of the Union, the Authority shall, jointly with the supervisory authorities, explore the need for and the possibility of aligning or synchronising the timeframe of those thematic reviews, and shall facilitate information exchange and mutual assistance between supervisory authorities carrying out those thematic reviews. The Authority shall also facilitate any activities that the relevant supervisory authorities may wish to carry out jointly or in a similar manner in the context of their respective thematic reviews. 6. The Authority shall ensure that the outcomes and conclusions of the thematic reviews conducted at national level by several supervisory authorities are shared with all supervisory authorities, with the exception of confidential information pertaining to individual obliged entities. Such sharing of information shall include any common conclusions resulting from exchanges of information or from joint or coordinated activities involving several supervisory authorities.

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10. 010 Article 10

    Article 10 Mutual assistance in the AML/CFT supervisory system 1. The Authority may, as appropriate, develop: (a) new practical instruments and convergence tools to promote common supervisory approaches and best practices; (b) practical tools and methods for mutual assistance following: (i) specific requests from supervisory authorities; (ii) referral of disagreements between supervisory authorities on the measures to be taken jointly by several supervisory authorities in relation to an obliged entity. 2. The Authority shall facilitate and encourage at least the following activities: (a) sectoral and cross-sectoral training programmes, including with respect to technological innovation; (b) exchanges of staff and the use of secondment schemes, twinning and short-term visits; (c) exchanges of supervisory best practices between supervisory authorities where one authority has developed expertise in a specific area of AML/CFT supervisory practices. 3. Each supervisory authority may submit a request for mutual assistance related to its supervisory tasks to the Authority, specifying the type of assistance it seeks from the staff of the Authority, the staff of one or more supervisory authorities, or a combination thereof. If the request concerns activities that relate to the supervision of specific obliged entities, the requesting supervisory authority shall transmit to the Authority the information and data necessary for the provision of assistance. The Authority shall keep and regularly update the information on specific areas of expertise and on the capacities of supervisory authorities to provide mutual assistance related to their supervisory tasks. 4. Where the Authority is requested to provide assistance for the performance of specific supervisory tasks at national level in relation to obliged entities other than selected obliged entities, the requesting supervisory authority shall detail, in its request, the tasks for which support is sought. The assistance shall not be construed as the transfer, from the requesting supervisory authority to the Authority, of supervisory tasks, powers, or accountability for the supervision of obliged entities other than selected obliged entities. 5. Where the Authority is of the opinion that the request is appropriate and feasible, it shall make every effort to provide the requested assistance, including by mobilising its own human resources as well as by ensuring that supervisory authorities mobilise resources on a voluntary basis. 6. By the end of each year, the Chair of the Authority shall inform the General Board in supervisory composition of the human resources that the Authority will allocate to providing the assistance requested under paragraph 3 of this Article during the following year. Where the availability of human resources changes due to the performance of any of the tasks referred to in Article 5(2), (3) and (4), the Chair of the Authority shall inform the General Board in supervisory composition thereof. 7. Any interaction between the staff of the Authority and the obliged entity shall remain under the exclusive responsibility of the supervisory authority responsible for the supervision of that entity. Such interaction shall not be construed as a transfer of tasks or powers related to individual obliged entities within the AML/CFT supervisory system.

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11. 011 Article 11

    Article 11 Central AML/CFT database 1. The Authority shall establish and keep up to date a central database of information pursuant to this Article. The Authority shall make the information available to supervisory authorities, non-AML/CFT authorities, other national authorities and bodies competent for ensuring compliance with Directive 2008/48/EC of the European Parliament and of the Council, Directive 2009/110/EC of the European Parliament and of the Council, Directive 2009/138/EC of the European Parliament and of the Council, Directive 2014/17/EU of the European Parliament and of the Council, Regulation (EU) No 537/2014 of the European Parliament and of the Council, Directive 2014/56/EU of the European Parliament and of the Council, Directive 2014/65/EU of the European Parliament and of the Council or Directive (EU) 2015/2366 of the European Parliament and of the Council, and to the European Supervisory Authorities, namely, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) (collectively, ‘the ESAs’), on a need-to-know and confidential basis, where it is necessary for the fulfilment of their tasks. The Authority shall also analyse the collected information and may share the results of its analysis on its own initiative with supervisory authorities, where to do so would facilitate their supervisory activities, and, where relevant, with obliged entities. 2. The supervisory authorities shall transmit to the Authority at least the following information, including the data related to individual obliged entities, so that the Authority enters that information into the database: (a) a list of all supervisory authorities and self-regulatory bodies in their Member State entrusted with the supervision of obliged entities, including information about their mandate, tasks and powers and, where applicable, the identification of the leading supervisor or coordination mechanism; (b) statistical information about the categories and the number of supervised obliged entities per category in their Member State and basic information about the risk profile of those entities; (c) the administrative measures applied and pecuniary sanctions imposed in the course of supervision of individual obliged entities in response to breaches of AML/CFT requirements, accompanied by: (i) the grounds for applying the administrative measure or imposing the pecuniary sanction, such as the nature of the breach; (ii) related information on the supervisory activities and outcomes which led to the administrative measure being applied or the pecuniary sanction being imposed; (d) any advice or opinion related to ML/TF risks provided to other authorities in relation to authorisation procedures, withdrawal of authorisation procedures, and ‘fit and proper’ assessments of shareholders or members of the management body of individual obliged entities; (e) the outcomes of their assessments of the inherent and residual risk profiles of all credit institutions and financial institutions that meet the criteria set out in Article 12(1); (f) the outcomes and reports of thematic reviews and other horizontal supervisory actions with regard to high-risk areas or activities; (g) information regarding the supervisory activities they performed over the past calendar year, gathered pursuant to Article 40(5) of Directive (EU) 2024/1640; (h) statistical information about staffing and other resources of supervisors and supervisory authorities. The information provided pursuant to the first subparagraph shall not include references to specific suspicions reported pursuant to Article 69 of Regulation (EU) 2024/1624. The Authority shall also enter into the database the information stemming from its activities in the area of direct supervision which corresponds to the categories of information listed in the first subparagraph, as well as the outcomes of the risk assessment process carried out by the Authority pursuant to Article 12. 3. The Authority may request supervisory authorities to provide other information in addition to that referred to in paragraph 2. The supervisory authorities shall update any provided information as soon as the update is necessary or at the Authority’s request. 4. The Authority shall enter into the database any data or information relevant for the purposes of AML/CFT supervisory activities which is provided by non-AML/CFT authorities, other national authorities and bodies competent for ensuring compliance with the requirements of Directive 2008/48/EC, Directive 2009/110/EC, Directive 2009/138/EC, Directive 2014/17/EU, Regulation (EU) No 537/2014, Directive 2014/56/EU, Directive 2014/65/EU or Directive (EU) 2015/2366, or by the ESAs. The information referred to in the first subparagraph shall include instances where the authorities and bodies referred to in that subparagraph have reasonable grounds to suspect that ML/TF is being attempted or committed or that an increased risk thereof exists in connection with an obliged entity, and where such reasonable grounds arose in the context of the exercise of their respective tasks. The database shall also include relevant information which authorities or bodies supervising credit institutions in accordance with Directive 2013/36/EU of the European Parliament and of the Council, including the ECB when acting in accordance with Regulation (EU) No 1024/2013, have obtained, in the context of ongoing supervision, including information on business model assessments, assessments of governance arrangements, authorisation procedures, assessments of acquisitions of qualifying holdings, ‘fit and proper’ assessments and procedures related to the withdrawal of licences. 5. The authorities and bodies referred to in paragraph 1, second subparagraph, may address to the Authority a reasoned request for information collected pursuant to this Article, if that information is necessary for their supervisory activities. The Authority shall assess those requests and provide the information requested on a need-to-know and confidential basis and in a timely manner. The Authority shall inform the authority or body that has initially provided the requested information of the identity of the requesting authority or body, the identity of any obliged entity concerned, the reason for the information request as well as whether the information has been provided to the requesting authority or body. Where the Authority decides not to provide the requested information, it shall provide a reasoned justification for that decision. 6. The Authority shall develop draft regulatory technical standards specifying: (a) the procedure, formats and timelines for the transmission of information pursuant to paragraphs 2 and 3; (b) the scope and level of detail of the information to be transmitted, taking into account relevant distinctions between obliged entities, such as their risk profile; (c) the scope and level of detail of the information to be transmitted in relation to obliged entities in the non-financial sector; (d) the type of information the disclosure of which by the Authority, pursuant to a reasoned request or at its own initiative, requires the prior consent of the supervisory authority that originated it; (e) which level of materiality a breach needs to have in order for a supervisory authority to be obliged to transmit information on the breach pursuant to paragraph 2, point (c); (f) the conditions under which the Authority may request additional information pursuant to paragraph 3; (g) the types of additional information to be transmitted to the Authority pursuant to paragraph 3. The Authority shall submit those draft regulatory technical standards to the Commission by 27 December 2025. The Commission is empowered to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Article 49 of this Regulation. 7. Personal data collected in accordance with this Article may be kept in an identifiable form for a period of up to 10 years after the date of collection of the data by the Authority, at the end of which those data shall be deleted. Based on a regular assessment of their necessity, personal data may be deleted before the expiry of that period on a case-by-case basis.

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12. 012 Article 12

    Article 12 Assessment of credit institutions and financial institutions for the purposes of selection for direct supervision 1. For the purposes of carrying out the tasks listed in Article 5(2), the Authority, in collaboration with financial supervisors, shall carry out a periodic assessment of credit institutions and financial institutions, and groups of credit institutions and financial institutions, where they operate, whether through establishments or under the freedom to provide services, in at least six Member States, including the home Member State, regardless of whether the activities are carried out through infrastructure on the territory concerned or remotely. 2. The supervisory authorities, and the obliged entities subject to periodic assessment, shall supply the Authority with any information necessary to carry out the periodic assessment referred to in paragraph 1. 3. The inherent and residual risk profiles of an obliged entity assessed pursuant to paragraph 1 shall be classified by the Authority as low, medium, substantial or high, based on the benchmarks and following the methodology set out in the regulatory technical standards referred to in paragraph 7. Where the assessed obliged entity is part of a group of credit institutions or financial institutions, the risk profile shall be classified at group-wide level. 4. The methodology for classifying inherent and residual risk profiles shall be established separately for at least the following categories of obliged entities: (a) credit institutions; (b) bureaux de change; (c) collective investment undertakings; (d) credit providers other than credit institutions; (e) e-money institutions; (f) investment firms; (g) payment institutions; (h) life insurance undertakings; (i) life insurance intermediaries; (j) crypto-asset service providers; (k) other financial institutions. 5. For each category of obliged entities referred to in paragraph 4, the benchmarks for the assessment of inherent risk in the assessment methodology shall be based on the risk factor categories related to customers, products, services, transactions, delivery channels and geographical areas. The benchmarks shall be established for at least the following indicators of inherent risk in any Member State in which the obliged entities operate: (a) with respect to customer-related risk: the share of non-resident customers from third countries identified pursuant to Chapter III, Section 2, of Regulation (EU) 2024/1624 and the presence and share of customers identified as politically exposed persons; (b) with respect to products and services offered: (i) the significance and the trading volume of products and services identified as the most vulnerable to ML/TF risks either at the level of the internal market, in the risk assessment at Union level, or at the level of the country, in the national risk assessment; (ii) for money remittance service providers, the significance of the aggregate annual emission and reception activities of each remitter in the countries identified pursuant to Chapter III, Section 2, of Regulation (EU) 2024/1624; (iii) the relative volume of products, services and transactions that offer a considerable level of protection of clients’ privacy and identity or other form of anonymity; (c) with respect to geographical areas: (i) the annual volume of correspondent banking services and correspondent crypto-asset services, provided by Union financial sector entities in third countries identified pursuant to Chapter III, Section 2, of Regulation (EU) 2024/1624; (ii) the number and share of correspondent banking clients and crypto-asset clients in third countries identified pursuant to Chapter III, Section 2, of Regulation (EU) 2024/1624. 6. For each category of obliged entity referred to in paragraph 4, the assessment of residual risk in the assessment methodology shall include benchmarks for the assessment of the quality of internal policies, controls and procedures put in place by obliged entities to mitigate their inherent risk. 7. The Authority shall develop draft regulatory technical standards specifying: (a) the minimum activities to be carried out by a credit institution or a financial institution under the freedom to provide services, whether through infrastructure or remotely, for it to be considered as operating in a Member State other than that where it is established; (b) the methodology based on the benchmarks referred to in paragraphs 5 and 6 for classifying the inherent and residual risk profiles of credit institutions or financial institutions, or groups of credit institutions or financial institutions, as low, medium, substantial or high. The Authority shall submit those draft regulatory technical standards to the Commission by 1 January 2026. The Commission is empowered to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Article 49 of this Regulation. 8. The Authority shall review the benchmarks and methodology at least every three years. Where amendments are required, the Authority shall submit amended draft regulatory technical standards to the Commission.

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13. 013 Article 13

    Article 13 The listing of selected obliged entities 1. Credit institutions and financial institutions, and groups of credit institutions and financial institutions, whose residual risk profile has been classified as high pursuant to Article 12 shall qualify as selected obliged entities. 2. However, where more than 40 entities are identified pursuant to paragraph 1, the Authority may, in consultation with the supervisory authorities, agree on limiting the selection to a specific different number of entities or groups that is greater than 40. In deciding on a specific different number of selected obliged entities as referred to in the first subparagraph, the Authority shall take into account its own resources in terms of its capacity to allocate or additionally hire the necessary number of supervisory and support staff and shall ensure that the required increase in the financial and human resources is feasible. Pursuant to the decision on the maximum number, the selected obliged entities shall be those obliged entities qualifying under paragraph 1 which are operating in the highest number of Member States whether through establishments or under the freedom to provide services. Where the application of the criterion referred to in the third subparagraph yields more than the set maximum number of selected obliged entities, the Authority shall select, from the obliged entities that would be selected in accordance with that subparagraph and that operate in the smallest number of Member States, those which have the highest ratio of the volume of transactions with third countries to the total volume of transactions measured over the last financial year. 3. Where in a Member State no credit institution, financial institution or group of credit institutions or financial institutions which is established, authorised or registered, or has a subsidiary there and whose risk profile is classified as high, qualifies as a selected obliged entity pursuant to paragraphs 1 and 2 of this Article, the Authority shall carry out an additional selection process in that Member State, on the basis of the methodology referred to in Article 12(7), point (b). Following the additional selection process, the credit institution, financial institution or group of credit institutions or financial institutions, established or registered in that Member State whose risk profile is classified as high, shall qualify as a selected obliged entity. Where several credit institutions or financial institutions, or groups of credit institutions or financial institutions, in the Member State in question have a risk profile that is classified as high, the entity operating in the highest number of Member States whether through establishments or under the freedom to provide services shall qualify as the selected obliged entity. If several credit institutions or financial institutions, or groups of credit institutions or financial institutions, operate in the same number of Member States, the entity with the highest ratio of transaction volume with third countries to total transaction volume measured over the last financial year shall qualify as a selected obliged entity. 4. The Authority shall commence the first selection process by 1 July 2027 and shall conclude the selection within six months of the date of commencement. Subsequently, the selection process shall be carried out every three years after the date of commencement of the first selection, and shall be concluded within six months for each selection process. The list of the selected obliged entities shall be published by the Authority without undue delay upon completion of the selection process. The Authority shall commence direct supervision of the selected obliged entities six months after publication of the list. 5. Prior to the publication of the list of the selected obliged entities, the Authority shall inform the relevant non-AML/CFT authorities of the outcomes of the process of assessment and classification of inherent and residual risk of the obliged entities subject to assessment. 6. A selected obliged entity shall remain subject to direct supervision by the Authority until the Authority commences the direct supervision of selected obliged entities based on a list established for the subsequent selection period which no longer includes that obliged entity.

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14. 014 Article 14

    Article 14 Additional transfer of direct supervision tasks and powers in exceptional circumstances upon the request of a financial supervisor 1. A financial supervisor may submit a reasoned request to the Authority for the Authority to assume direct supervision and carry out the tasks listed in Article 5(2) with respect to a particular non-selected obliged entity. The request referred to in the first subparagraph shall only be submitted in exceptional circumstances with the aim of addressing at Union level a heightened ML/TF risk or compliance failures at a non-selected obliged entity and to ensure a consistent application of high supervisory standards. 2. The request referred to in paragraph 1 shall: (a) identify the non-selected obliged entity in respect of which the financial supervisor is of the view that the Authority should assume direct supervision; (b) state the reasons for which AML/CFT direct supervision of the non-selected obliged entity is necessary; (c) identify and duly justify the proposed transfer date and the period for which the transfer of the tasks and powers is requested; and (d) provide all necessary supporting information, data and evidence that could be useful for the assessment of the request. 3. The financial supervisor’s request shall be accompanied by a report indicating the supervisory history and risk profile of the non-selected obliged entity concerned. The non-selected obliged entity shall be informed of the request and the timeline proposed therein. 4. The Authority shall assess the request referred to in paragraph 1 within two months, or within a timeframe that allows the transfer of tasks and powers by the date proposed in the request, whichever is longer. The Authority shall only agree to the requested transfer of direct supervision where at least one of the following conditions is met: (a) the requesting supervisor can demonstrate the inefficacy of supervisory measures imposed on the non-selected obliged entity in relation to serious, repeated or systematic breaches of applicable requirements; (b) the heightened ML/TF risk or the serious, repeated or systematic breaches of applicable requirements affect several entities within a non-selected obliged entity group, and the relevant financial supervisors agree that coordinated supervisory action at Union level would be more effective to address them; (c) the request concerns a temporary, objective and demonstrable lack of capacity at the level of the financial supervisor to adequately and timely address the ML/TF risk of a non-selected obliged entity. 5. Where the Executive Board of the Authority finds that the conditions set out in paragraphs 1, 2 and 4 have been fulfilled, it shall adopt a decision addressed to the requesting financial supervisor and to the non-selected obliged entity concerned notifying them of the acceptance of the request. The decision shall specify the date on which the Authority is to assume direct supervision and the duration of such supervision. As of the date on which the Authority is to assume direct supervision, the non-selected obliged entity concerned shall be deemed a selected obliged entity for the purposes of this Regulation. Upon the end of the duration of the direct supervision by the Authority, set out in the decision referred to in the first subparagraph, the tasks and powers related to the direct supervision of the obliged entity concerned shall automatically be transferred back to the financial supervisor, unless the Authority extends the application of that decision following a corresponding request made by the financial supervisor in accordance with paragraphs 1 to 4. 6. Where the Executive Board of the Authority refuses the financial supervisor’s request, it shall provide the reasons thereof in writing, clearly indicating which conditions laid down in paragraphs 1, 2 and 4 have not been met. The Authority shall consult the financial supervisor prior to taking a decision and shall ensure that the non-selected obliged entity is informed of the outcome of the process.

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15. 015 Article 15

    Article 15 Cooperation within the AML/CFT supervisory system for the purposes of direct supervision 1. Without prejudice to the Authority’s power pursuant to Article 21(3), point (a), to receive directly, or have direct access to, information reported on an ongoing basis by selected obliged entities, financial supervisors shall provide the Authority with all information necessary for carrying out the tasks conferred on the Authority in accordance with this Regulation and other applicable Union law. 2. Where appropriate, financial supervisors shall assist the Authority with the preparation and implementation of any acts relating to the tasks referred to in Article 5(2), point (b), as regards all selected obliged entities, including assistance in verification activities. They shall follow the instructions given by the Authority when performing those tasks. 3. The Authority shall develop implementing technical standards specifying: (a) the conditions under which financial supervisors are to assist the Authority pursuant to paragraph 2; (b) the process of periodic assessment referred to in Article 12(1), including the roles of the supervisory authorities and the Authority in assessing the risk profile of credit institutions and financial institutions referred to in that paragraph; (c) the working arrangements for the transfer of supervisory tasks and powers to the Authority or from the Authority to national level following a selection process, including arrangements on the continuity of pending supervisory procedures or investigations; (d) the procedures for the preparation and adoption of decisions on the selection of obliged entities; (e) the detailed rules and arrangements for the composition and functioning of the joint supervisory teams referred to in Article 16(1) and (2). The Authority shall submit those draft implementing technical standards to the Commission by 1 January 2026. The Commission is empowered to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 53.

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16. 016 Article 16

    Article 16 Joint supervisory teams 1. A joint supervisory team shall be established for the supervision of each selected obliged entity. Each joint supervisory team shall be composed of staff from the Authority and from the financial supervisors responsible for supervision of the selected obliged entity at national level. The members of the joint supervisory team shall be appointed in accordance with paragraph 4 and shall work under the coordination of a designated staff member from the Authority (‘JST coordinator’). 2. The JST coordinator shall ensure the coordination of the work within the joint supervisory team. Joint supervisory team members shall follow the JST coordinator’s instructions as regards their tasks in the joint supervisory team. This shall be without prejudice to their tasks and duties within their respective financial supervisors. Each financial supervisor that appoints more than one staff member to the joint supervisory team pursuant to paragraph 4 may designate one of them as sub-coordinator (‘national sub-coordinator’). The national sub-coordinators shall assist the JST coordinator as regards the organisation and coordination of the tasks in the joint supervisory team, in particular as regards the staff members that were appointed by the same financial supervisor as the relevant national sub-coordinator. The national sub-coordinator may give instructions to the members of the joint supervisory team appointed by the same financial supervisor, provided that those instructions do not conflict with the instructions given by the JST coordinator. 3. The tasks of a joint supervisory team shall include the following: (a) performing the supervisory reviews and assessments of the selected obliged entities; (b) coordinating on-site inspections of selected obliged entities and preparing supervisory measures where necessary; (c) participating in the preparation of draft decisions applicable to the respective selected obliged entity to be proposed to the General Board and Executive Board, taking into account the reviews, assessments and on-site inspections referred to in points (a) and (b); (d) liaising with financial supervisors where that is necessary to exercise supervisory tasks in any Member State where a selected obliged entity is established. 4. The Authority shall be responsible for the establishment and the composition of joint supervisory teams. The Authority and the financial supervisors concerned shall appoint one or more persons from their staff as a member or members of a joint supervisory team. A member may be appointed as a member of more than one joint supervisory team. 5. The Authority and financial supervisors shall consult each other and agree on the use of staff with regard to the joint supervisory teams. 6. The Authority shall develop internal operational rules and procedures regarding the composition of joint supervisory teams, notably with regard to staff from each financial supervisor, the status of staff from financial supervisors and the allocation of human resources by the Authority to the joint supervisory teams, which shall ensure that those teams are composed of staff with a sufficient level of knowledge, expertise and experience, and with sufficiently diverse knowledge, backgrounds, expertise and experience.

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17. 017 Article 17

    Article 17 Requests for information 1. The Authority may require selected obliged entities and natural persons employed by them or legal persons belonging to them, and third parties to whom the selected obliged entities have outsourced operational functions or activities and natural or legal persons affiliated to them, to provide it with all information it needs in order to carry out the tasks conferred on it by this Regulation and other applicable Union law. 2. The persons referred to in paragraph 1 or their representatives and, in the case of legal persons or associations having no legal personality, the persons authorised to represent them by law or by their constitution, shall supply the requested information without undue delay, ensuring that it is clear, accurate and complete. Lawyers duly authorised to act may supply the information on behalf of their clients. Those clients shall remain fully responsible where the information supplied is incomplete, incorrect or misleading. 3. Where the Authority obtains the information requested pursuant to paragraph 1, it shall make that information available to the financial supervisor concerned.

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18. 018 Article 18

    Article 18 General investigations 1. In order to carry out the tasks conferred on it by this Regulation, the Authority may conduct all necessary investigations of any selected obliged entity or any natural person employed by it or any legal person belonging to it, established or located in a Member State. To that end, the Authority may: (a) require the submission of documents; (b) examine the books and records of the persons concerned and take copies or extracts from the books and records; (c) obtain access to internal audit reports, certification of accounts, and any software, databases, IT tools or other electronic means of recording information; (d) obtain access to documents and information relating to decision-making processes, including those developed by algorithms or other digital processes; (e) obtain written or oral explanations from any person referred to in Article 17 or their representatives or staff; (f) interview any other person who consents to being interviewed for the purpose of collecting information relating to the subject matter of an investigation. 2. The persons referred to in Article 17 shall be subject to investigations launched on the basis of a decision of the Authority. When a person obstructs the conduct of the investigation, the financial supervisor of the Member State where the relevant premises are located shall provide, in compliance with national law, the necessary assistance, including facilitating the access by the Authority to the business premises of the natural and legal persons referred to in Article 17, so that the powers listed in paragraph 1 of this Article can be exercised.

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19. 019 Article 19

    Article 19 On-site inspections 1. In order to carry out the tasks conferred on it by this Regulation, the Authority may, subject to prior notification of the financial supervisor concerned, conduct all necessary on-site inspections at the business premises of the natural and legal persons referred to in Article 17. With respect to natural persons whose business premises are the same as their private residence, the Authority shall seek and obtain judicial authorisation for an on-site inspection. Where the proper conduct and efficiency of the inspection so require, the Authority may carry out the on-site inspection without prior announcement to those natural and legal persons. 2. The Authority may decide to entrust the performance of on-site inspections to a joint supervisory team in accordance with Article 16 or to a dedicated team, which could include joint supervisory team members where applicable. The Authority shall be responsible for the establishment and composition of the on-site inspection teams, which shall be done in cooperation with the financial supervisors. 3. The staff of the Authority and other persons authorised by the Authority to conduct an on-site inspection may enter any business premises and land of the natural or legal persons subject to a decision on investigation adopted by the Authority and, as regards natural persons whose business premises are the same as their private residence, upon obtaining a judicial authorisation for an on-site inspection pursuant to paragraph 1 of this Article. The staff of the Authority and other persons authorised by the Authority shall have the powers provided for in Article 21. 4. The natural and legal persons referred to in Article 17 shall be subject to on-site inspections on the basis of a decision of the Authority. 5. Staff and other accompanying persons authorised or appointed by the financial supervisor of the Member State where the inspection is to be conducted shall, under the supervision and coordination of the Authority, actively assist the staff of and other persons authorised by the Authority. To that end, they shall enjoy the powers set out in paragraph 3. Staff of financial supervisors of the Member State concerned shall also have the right to participate in the on-site inspections. 6. Where a person opposes the conduct of an on-site inspection ordered pursuant to this Article, the financial supervisor of the Member State concerned shall provide the necessary assistance in accordance with national law. To the extent necessary for the inspection, such assistance shall include the sealing of any business premises and books or records. Where that power is not available to the financial supervisor concerned, it shall use its powers to request the necessary assistance of other national authorities.

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20. 020 Article 20

    Article 20 Authorisation by a judicial authority 1. If an on-site inspection provided for in Article 19 requires authorisation by a judicial authority in accordance with national law, the Authority shall apply for such an authorisation. 2. Where an authorisation as referred to in paragraph 1 is applied for, the national judicial authority shall verify that the decision of the Authority is authentic and that the coercive measures envisaged are neither arbitrary nor excessive having regard to the subject matter of the inspection. In its control of the proportionality of the coercive measures, the national judicial authority may ask the Authority for detailed explanations, in particular relating to the grounds the Authority has for suspecting that an infringement of the acts referred to in Article 1(2) has taken place, the seriousness of the suspected infringement and the nature of the involvement of the person subject to the coercive measures. However, the national judicial authority shall not review the necessity for the inspection or demand to be provided with the information on the Authority’s file. The lawfulness of the Authority’s decision shall be subject to review only by the Court of Justice of the European Union.

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21. 021 Article 21

    Article 21 Administrative measures 1. For the purpose of carrying out its tasks referred to in Article 5(2), the Authority shall have the power to apply the administrative measures set out in paragraphs 2 and 3 of this Article to require any selected obliged entity to take the necessary measures where: (a) the selected obliged entity is found to be in breach of the Union acts and national legislation referred to in Article 1(2); (b) the Authority has sufficient and demonstrable indications that the selected obliged entity is likely to breach the Union acts and national legislation referred to in Article 1(2) and the application of an administrative measure can prevent the occurrence of the breach or reduce the risk thereof; (c) based on a duly justified determination by the Authority, the internal policies, procedures and controls in place in the selected obliged entity are not commensurate to the risks of money laundering, its predicate offences or terrorist financing to which the selected obliged entity is exposed. 2. For the purposes of Article 6(1), the Authority shall have, in particular, the power to apply the following administrative measures: (a) issue recommendations; (b) order obliged entities to comply, including to implement specific corrective measures; (c) issue a public statement which identifies the natural or legal person and the nature of the breach; (d) issue an order requiring the natural or legal person to cease the conduct and to desist from repetition of that conduct; (e) restrict or limit the business, operations or network of institutions comprising the selected obliged entity, or require the divestment of activities; (f) require changes in the governance structure; (g) where a selected obliged entity is subject to authorisation, propose the withdrawal or suspension of that authorisation to the authority that has granted it; where the authority which has granted that authorisation does not follow the Authority’s proposal to suspend or withdraw, the Authority shall request it to provide the reasons thereof in writing. 3. By means of the administrative measures referred to in paragraph 2, the Authority may in particular: (a) require the provision of any data or information necessary for the fulfilment of tasks listed in Article 5(2) without undue delay, require the submission of any document, or impose additional or more frequent reporting requirements; (b) require the reinforcement of the internal policies, procedures and controls; (c) require the application of a specific policy or requirements relating to categories of, or individual, clients, transactions, activities or delivery channels that pose high ML/TF risks; (d) require the implementation of measures to decrease the ML/TF risks in the activities and products of selected obliged entities; (e) temporarily ban any person exercising managerial responsibilities in the selected obliged entity, or any other natural person held responsible for the breach, from exercising managerial functions in obliged entities. 4. The administrative measures referred to in paragraph 2 shall be accompanied, where relevant, by binding deadlines for their implementation. The Authority shall follow up and assess the implementation by the selected obliged entity of the actions requested. 5. Financial supervisors shall notify the Authority without undue delay where they become aware of one or more indications that a selected obliged entity has breached Regulation (EU) 2023/1113 or Regulation (EU) 2024/1624. 6. The administrative measures applied shall be effective, proportionate and dissuasive.

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22. 022 Article 22

    Article 22 Pecuniary sanctions 1. For the purpose of carrying out the tasks conferred on it by this Regulation, the Authority may impose pecuniary sanctions where a selected obliged entity breaches, whether intentionally or negligently, a requirement of Regulation (EU) 2023/1113 or Regulation (EU) 2024/1624, or does not comply with a binding decision referred to in Article 6(1) of this Regulation. 2. Where the Executive Board of the Authority finds that a selected obliged entity has, intentionally or negligently, committed a serious, repeated or systematic breach of directly applicable requirements contained in Regulation (EU) 2023/1113 or Regulation (EU) 2024/1624, it shall adopt a decision imposing pecuniary sanctions, in accordance with paragraph 3 of this Article. The pecuniary sanctions imposed for such breaches shall, depending on the circumstances of each individual case, be imposed in addition to, or instead of, the administrative measures referred to in Article 21(2). 3. The basic amount of the pecuniary sanctions referred to in paragraph 1 shall be included within the following limits: (a) for serious, repeated or systematic breaches of one or more requirements related to customer due diligence, group-wide policies, procedures and controls or reporting obligations that have been identified in two or more Member States where a selected obliged entity operates, the amount shall be at least EUR and shall not exceed EUR or 1 % of the annual turnover, whichever is higher; (b) for serious, repeated or systematic breaches of one or more requirements related to customer due diligence, internal policies, procedures and controls or reporting obligations that have been identified in one Member State where a selected obliged entity operates, the amount shall be at least EUR and shall not exceed EUR or % of the annual turnover, whichever is higher; (c) for serious, repeated or systematic breaches of all other requirements that have been identified in two or more Member States where a selected obliged entity operates, the amount shall be at least EUR and shall not exceed EUR ; (d) for serious, repeated or systematic breaches of all other requirements that have been identified in one Member State where a selected obliged entity operates, the amount shall be at least EUR and shall not exceed EUR ; (e) for serious, repeated or systematic breaches of the decisions of the Authority referred to in Article 6(1), the amount shall be at least EUR and shall not exceed EUR . 4. The basic amounts defined within the limits set out in paragraph 3 shall be adjusted, where needed, by taking into account aggravating or mitigating factors in accordance with the relevant coefficients set out in Annex I. The relevant aggravating coefficients shall be applied one by one to the basic amount. If more than one aggravating coefficient is applicable, the difference between the basic amount and the amount resulting from the application of each individual aggravating coefficient shall be added to the basic amount. Where the benefit derived from the breach or the losses to third parties caused by the breach can be determined, they shall be added to the total amount of the sanction, after application of the coefficients. 5. The relevant mitigating coefficients shall be applied one by one to the basic amount. If more than one mitigating coefficient is applicable, the difference between the basic amount and the amount resulting from the application of each individual mitigating coefficient shall be subtracted from the basic amount. 6. The maximum amount of a sanction for the serious, repeated or systematic breaches referred to in paragraph 3, points (a) and (b), shall not exceed 10 % of the total annual turnover of the obliged entity in the preceding business year, after application of the coefficients referred to in paragraphs 4 and 5. 7. The maximum amount of a sanction for the serious, repeated or systematic breaches referred to in paragraph 3, points (c) and (d), shall not exceed EUR after application of the coefficients referred to in paragraphs 4 and 5. 8. Where the selected obliged entity is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial statements in accordance with Article 22 of Directive 2013/34/EU of the European Parliament and the Council, the relevant total annual turnover shall be the total annual turnover or the corresponding type of income in accordance with applicable accounting standards according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking. 9. In the cases not covered by paragraph 1 of this Article, the Authority may, where necessary for the purpose of carrying out the tasks conferred on it by this Regulation, require financial supervisors to open proceedings with a view to taking action in order to ensure that appropriate pecuniary sanctions are imposed in accordance with the national law transposing Directive (EU) 2024/1640 and any relevant national legislation which confers specific powers which are currently not required by Union law. The pecuniary sanctions imposed shall be effective, proportionate and dissuasive. The first subparagraph shall be applicable to pecuniary sanctions to be imposed on selected obliged entities for breaches of national law transposing Directive (EU) 2024/1640 and to any pecuniary sanctions to be imposed on members of the management body of selected obliged entities who under national law are responsible for a breach by the selected obliged entity. 10. The pecuniary sanctions imposed by the Authority shall be effective, proportionate and dissuasive. When determining the amount of the pecuniary sanction, the Authority shall take due consideration of the ability of the selected obliged entity to pay the pecuniary sanction and, where the pecuniary sanction might affect compliance with prudential regulation, consult the authorities competent for supervising compliance by the selected obliged entities with applicable Union law.

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23. 023 Article 23

    Article 23 Periodic penalty payments 1. The Executive Board may adopt a decision imposing a periodic penalty payment in order to compel: (a) a selected obliged entity to put an end to a breach, where it fails to comply with an administrative measure applied pursuant to Article 21(2), point (b), (d), (e) or (f), and Article 21(3); (b) a person referred to in Article 17(1) to supply complete information which has been required by a decision pursuant to Article 6(1); (c) a person referred to in Article 17(1) to submit to an investigation and in particular to produce complete records, data, procedures or any other material required and to complete and correct other information provided in an investigation launched pursuant to Article 18. 2. The periodic penalty payment shall be effective and proportionate. The periodic penalty payment shall be imposed until the selected obliged entity or person concerned complies with the relevant administrative measure referred to in paragraph 1. 3. Notwithstanding paragraph 2, the amount of a periodic penalty payment shall not exceed, in the case of legal persons, 3 % of the average daily turnover in the preceding business year or, in the case of natural persons, 2 % of the average daily income in the preceding calendar year. It shall be calculated from the date set in the decision imposing the periodic penalty payment. 4. A periodic penalty payment may be imposed for a period of no more than six months following the notification of the Authority’s decision. Where, upon the expiry of that period, the selected obliged entity has not yet complied with the administrative measure, the Authority may impose periodic penalty payments for an additional period of no more than six months. 5. The decision imposing a periodic penalty payment may be taken at a later stage with retroactive effect up to the date of application of the administrative measure.

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24. 024 Article 24

    Article 24 Hearing of persons subject to proceedings 1. Before taking any decision imposing a pecuniary sanction or periodic penalty payment under Article 22 or 23, the Executive Board shall give the persons subject to the proceedings the opportunity to be heard on the Authority’s findings. The Executive Board shall base its decisions only on findings on which the persons subject to the proceedings have had the opportunity to comment. 2. The rights of defence of the persons subject to the proceedings shall be fully respected during the proceedings. They shall be entitled to have access to the Authority’s file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information or internal preparatory documents of the Authority.

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25. 025 Article 25

    Article 25 Publication of administrative measures, pecuniary sanctions and periodic penalty payments 1. The Authority shall publish every decision imposing pecuniary sanctions or periodic penalty payments or applying administrative measures referred to in Article 21(2), points (c) to (g), adopted on cases referred to in Article 21(1), point (a), immediately after the person responsible for the breach is informed of that decision. The publication shall include at least the information on the type and nature of the breach, the identity of the person responsible, and, for pecuniary sanctions or periodic penalty payments, their amount. By way of derogation from the first subparagraph, where the publication concerns administrative measures that are appealable and that do not aim to remedy serious, repeated and systematic breaches, the Authority may defer the publication of those administrative measures until the expiry of the deadline for lodging an appeal to the Court of Justice of the European Union. 2. Upon the expiry of the deadline for a review of the decision by the Administrative Board of Review or, where such a review was not requested by the obliged entity, the expiry of the deadline for an appeal to the Court of Justice of the European Union, the Authority shall publish the information on a request for review or an appeal. Any subsequent information on the outcome of such review or appeal shall be published by the Authority immediately after obtaining such information. Any decision annulling a decision to impose a pecuniary sanction or a periodic penalty payment or apply an administrative measure pursuant to Article 21(1), point (a), shall also be published. 3. Notwithstanding the requirement referred to in paragraph 1, where the publication of the identity or the personal data of the persons responsible is considered by the Authority to be disproportionate following a case-by-case assessment, or where publication jeopardises the stability of financial markets or an ongoing investigation, the Authority shall: (a) delay the publication of the decision until the moment when the reasons for not publishing it cease to exist; (b) publish the decision on an anonymous basis, if such anonymous publication ensures the effective protection of the personal data of the persons responsible; in that case, the Authority shall postpone the publication of the relevant data for a reasonable period if it is foreseen that within that period the reasons for anonymous publication shall cease to exist; (c) not publish the decision at all in the event that the options set out in points (a) and (b) are considered insufficient to ensure: (i) that the stability of financial markets would not be put in jeopardy; or (ii) the proportionality of the publication of the decision with regard to administrative measures applied in accordance with Article 21(1), point (a), where such measures are deemed to be of a minor nature. 4. The Authority shall make any publication pursuant to this Article accessible on its website for a period of five years.

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26. 026 Article 26

    Article 26 Enforcement of pecuniary sanctions and periodic penalty payments and allocation of the amounts of those sanctions and payments 1. Pecuniary sanctions and periodic penalty payments imposed pursuant to Articles 22 and 23 shall be enforceable. Enforcement shall be governed by the rules of civil procedure in force in the Member State in the territory of which enforcement is carried out. The order for enforcement shall be appended to the decision to impose pecuniary sanctions or periodic penalty payments pursuant to Articles 22 and 23 without any formality other than verification of the authenticity of the decision by the authority which the government of each Member State shall designate for that purpose and shall make known to the Authority and to the Court of Justice of the European Union. When those formalities have been completed on application by the party concerned, that party may proceed to enforcement in accordance with national law, by bringing the matter directly before the competent body. Enforcement may be suspended only by a decision of the Court of Justice of the European Union. However, the courts of the Member State concerned shall have jurisdiction over complaints that enforcement is being carried out in an irregular manner. 2. The amounts of the pecuniary sanctions and periodic penalty payments collected shall be allocated to the general budget of the Union.

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27. 027 Article 27

    Article 27 Procedural rules for taking supervisory measures and imposing pecuniary sanctions and periodic penalty payments 1. Where, in carrying out its duties under this Regulation, the Authority finds that there are serious indications of the possible existence of facts liable to constitute one or more of the breaches listed in Annex II, the Authority shall appoint an independent investigatory team within the Authority to investigate the matter. The investigatory team shall not be involved or have been involved in the direct supervision of the selected obliged entity concerned and shall perform its functions independently from the Executive Board. The Authority shall develop internal procedures to determine the rules governing the selection of the members of the independent investigatory team, in particular with regard to the knowledge, background, expertise and experience of those members. 2. The investigatory team shall investigate the alleged breaches, taking into account any comments submitted by the persons subject to investigation, and shall submit a complete file with its findings to the Executive Board. In order to carry out its tasks, the investigatory team may require information in accordance with Article 17 and conduct investigations and on-site inspections in accordance with Articles 18 and 19. Where carrying out its tasks, the investigatory team shall have access to all documents and information gathered by the joint supervisory team in its supervisory activities. 3. Upon completion of its investigation and before submitting the file with its findings to the Executive Board, the investigatory team shall give the persons subject to investigation the opportunity to be heard on the matters being investigated. The investigatory team shall base its findings only on facts on which the persons subject to investigation have had the opportunity to comment. The rights of defence of the persons concerned shall be fully respected during investigations under this Article. 4. When submitting the file with its findings to the Executive Board, the investigatory team shall notify that fact to the persons subject to investigation. The persons subject to investigation shall be entitled to have access to the file, subject to the legitimate interest of other persons in the protection of their business secrets. The right of access to the file shall not extend to confidential information affecting third parties. 5. On the basis of the file containing the investigatory team’s findings and, when requested by the persons concerned, after having heard the persons subject to investigation in accordance with Article 24(1), the Executive Board shall decide if one or more of the breaches listed in Annex II have been committed by the persons who are subject to investigation and, in such case, shall impose a pecuniary sanction in accordance with Article 22 and apply an administrative measure in accordance with Article 21 in addition to, or instead of, imposing a pecuniary sanction. 6. The investigatory team shall not participate in the deliberations of the Executive Board or in any other way intervene in the decision-making process of the Executive Board. 7. The Commission shall adopt further rules of procedure for the exercise of the power to impose pecuniary sanctions or periodic penalty payments, including provisions on rights of defence, temporal provisions, and the collection of pecuniary sanctions or periodic penalty payments, and shall adopt detailed rules on the limitation periods for the imposition and enforcement of penalties. The rules referred to in the first subparagraph shall be adopted by means of delegated acts supplementing this Regulation, in accordance with Article 100. The Commission shall adopt the delegated acts referred to in the second subparagraph by 1 January 2027. 8. The Authority shall refer matters for criminal prosecution to the relevant national authorities where, in carrying out its duties under this Regulation, it finds that there are serious indications of the possible existence of facts liable to constitute criminal offences. In addition, the Authority shall refrain from imposing pecuniary sanctions or periodic penalty payments where a prior acquittal or conviction arising from identical facts, or from facts which are substantially the same, has acquired the force of res judicata as the result of criminal proceedings under national law.

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28. 028 Article 28

    Article 28 Review by the Court of Justice of the European Union The Court of Justice of the European Union shall have unlimited jurisdiction to review decisions of the Authority imposing a pecuniary sanction or a periodic penalty payment. It may annul, or reduce or increase the amount of, the pecuniary sanction or periodic penalty payment imposed.

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29. 029 Article 29

    Article 29 Language arrangements in direct supervision 1. The Authority and the financial supervisors shall adopt arrangements for their communications within the AML/CFT supervisory system, including the language(s) to be used. 2. Any document which a selected obliged entity or any other natural or legal person individually subject to the Authority’s supervisory procedures submits to the Authority may be drafted in any of the official languages of the Union, chosen by the selected obliged entity or natural or legal person concerned. 3. The Authority, the selected obliged entities and any other legal or natural person individually subject to the Authority’s supervisory procedures may agree to exclusively use one of the official languages of the Union in their written communications, including with regard to the Authority’s supervisory decisions. 4. Where an agreement on the exclusive use of one language as referred to in paragraph 3 is subsequently revoked, that revocation shall only affect the aspects of the Authority’s supervisory procedure which have not yet been carried out. 5. Where participants in an oral hearing request to be heard in an official language of the Union other than the language of the Authority’s supervisory procedure, sufficient advance notice of that requirement shall be given to the Authority so that it can make the necessary arrangements.

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30. 030 Article 30

    Article 30 Assessments of the state of supervisory convergence 1. The Authority shall perform periodic assessments of some or all of the activities of one, several, or all financial supervisors, as well as of their tools and resources. As part of each assessment, the Authority shall assess the extent to which a financial supervisor performs its tasks in accordance with Directive (EU) 2024/1640 and takes the necessary steps to ensure consistent high-level supervisory standards and practices. The assessments shall take into account the level of harmonisation of supervisory approaches and, to that end, shall include a review of the application of all or part of the AML/CFT supervisory methodology developed pursuant to Article 8, and it shall cover all financial supervisors in a single assessment cycle. The Executive Board shall adopt, after consulting the General Board in supervisory composition, an assessment cycle plan. The General Board, acting by a majority of two thirds of its members, may require the Executive Board to adopt a new plan. The length of each assessment cycle shall be determined by the Authority and shall not exceed seven years. The Authority shall develop methods to allow for a consistent assessment of, and comparison between, the financial supervisors reviewed in the same cycle. At the end of each assessment cycle, the Authority shall submit its findings to the European Parliament and to the Council. 2. The assessments shall be carried out by the staff of the Authority and, following an open call for participation, by the staff of financial supervisors that are not subject to review, on a voluntary basis. Where relevant, the assessments shall take due account of the evaluations, assessments or reports drawn up by international organisations and intergovernmental bodies with competence in the field of ML/TF prevention. The assessments may also take due account of the information set out in the central AML/CFT database established pursuant to Article 11. 3. The Authority shall produce a report setting out the results of each assessment. A draft version of the report shall be submitted to the financial supervisor subject to the assessment for comments, prior to its consideration by the General Board in supervisory composition. Within a deadline determined by the Authority, the financial supervisor subject to the assessment shall submit comments to the draft report. The final report shall be adopted by the Executive Board, taking into account the observations of the General Board in supervisory composition. The Executive Board shall ensure consistency in the application of the assessment methodology. The report shall explain and indicate any specific follow-up measures required to be taken by the financial supervisor subject to the assessment that are deemed appropriate, proportionate and necessary as a result of the assessment. The follow-up measures may be adopted in the form of guidelines and recommendations of the General Board. The follow-up measures may also be adopted in the form of individual recommendations taken by the Executive Board. Those individual follow-up measures shall only be published upon the consent of the financial supervisor concerned and only in summary or aggregate form, such that individual financial institutions cannot be identified. The published version of the report shall not include confidential information nor references to specific financial supervisors. 4. Financial supervisors shall make every effort to comply with the specific follow-up measures addressed to them as a result of the assessment. Where applicable, financial supervisors shall provide regular updates to the Authority regarding the type of measures that they have implemented in response to the report referred to in paragraph 3.

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31. 031 Article 31

    Article 31 Coordination and facilitation of the work of the AML/CFT supervisory colleges in the financial sector 1. The Authority shall ensure, within the scope of its powers and without prejudice to the powers of the relevant financial supervisors, that AML/CFT supervisory colleges in the financial sector are established and functioning consistently for non-selected obliged entities operating establishments in several Member States in accordance with Article 49 of Directive (EU) 2024/1640. To that end, the Authority may: (a) establish a college, where such a college has not yet been established even though the conditions for its establishment set out in Article 49 of Directive (EU) 2024/1640 are met, and convene and organise meetings of colleges; (b) assist in the organisation of college meetings, where requested by the relevant financial supervisors; (c) assist in the organisation of joint supervisory plans and joint on-site inspections or off-site investigations; (d) collect and share all relevant information in cooperation with the financial supervisors in order to facilitate the work of the college and make such information accessible to the authorities of the college; (e) promote effective and efficient supervisory activities and practices, including evaluating the risks to which non-selected obliged entities are or might be exposed; (f) oversee, in accordance with the tasks and powers specified in this Regulation, the tasks carried out by the financial supervisors. 2. For the purposes of paragraph 1, the staff of the Authority shall have full participation rights in the AML/CFT supervisory colleges and shall be able to participate in their activities, including on-site inspections, carried out jointly by two or more financial supervisors.

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32. 032 Article 32

    Article 32 Requests to act in exceptional circumstances following indications of serious, repeated or systematic breaches 1. Financial supervisors shall notify the Authority where the situation of any non-selected obliged entity with regard to its compliance with Regulation (EU) 2024/1624, Regulation (EU) 2023/1113, any other legal provisions adopted for the implementation of those Regulations or any administrative act issued by any supervisor and its exposure to ML/TF risks, deteriorates rapidly and significantly, in particular where such deterioration might negatively impact several Member States or the Union as a whole or undermine the integrity of the Union’s financial system. 2. The Authority may, where it has indications of serious, repeated or systematic breaches by a non-selected obliged entity, request its financial supervisor to: (a) investigate such indications, which could concern breaches of Union law or, where such Union law is composed of directives or expressly grants options for Member States, breaches of national law to the extent that that national law transposes directives or exercises options granted to Member States by Union law; and (b) consider imposing sanctions on that entity in respect of such breaches in accordance with directly applicable Union law or national law transposing directives. In that context, the Authority may, where necessary, also request the financial supervisor of a non-selected obliged entity to adopt an individual decision addressed to that entity requiring it to undertake all necessary actions to comply with its obligations under directly applicable Union law or under national law to the extent that it transposes directives or exercises options granted to Member States by Union law, including the cessation of any practice. The requests referred to in this paragraph shall not impede ongoing supervisory measures by the financial supervisor to which the request is addressed. 3. A request referred to in paragraph 2 may be initiated where the Authority has indications of a serious, repeated or systematic breach: (a) following notifications by financial supervisors pursuant to paragraph 1; (b) as a result of the Authority’s own collection of well-substantiated information; or (c) upon receipt of information from Union institutions, bodies, offices or agencies, or from any other reliable and credible information source. 4. The financial supervisor concerned shall comply with any request addressed to it in accordance with paragraph 2 and shall inform the Authority as soon as possible, and at the latest within 10 working days of the day of the notification of such request, of the steps it has taken or intends to take to comply with that request. 5. Where a request referred to in paragraph 2 is not complied with or information on the steps taken or intended to be taken to comply with it is not provided to the Authority within 10 working days of the day of the notification of the request, the Authority may request the Commission to grant permission to transfer temporarily the relevant tasks and powers referred to in Article 5(2) and Article 6(1) related to direct supervision of the non-selected obliged entity from the financial supervisor concerned to the Authority. 6. A request from the Authority to the Commission pursuant to paragraph 5 shall contain the following: (a) a description of the serious, repeated or systematic breaches of the directly applicable requirements by the non-selected obliged entity and an explanation of why such breaches fall within the scope of competence of the Authority, pursuant to paragraphs 2 and 3; (b) an explanation of why the request to the financial supervisor referred to in paragraph 2 did not result in any action being taken within the time limit set in paragraph 4, including, where relevant, the information that no reply was submitted by the financial supervisor; (c) a proposed length of time of a maximum of three years, during which the Authority will exercise the relevant tasks and powers in relation to the non-selected obliged entity concerned; (d) a description of the measures that the Authority intends to take in relation to the non-selected obliged entity concerned upon the transfer of the relevant tasks and powers to address the serious, repeated or systematic breaches referred to in paragraph 2; (e) any relevant communication between the Authority and the financial supervisor concerned. 7. Based on the information received pursuant to paragraph 6, the Commission shall have one month from the date of receipt of the request from the Authority to adopt a duly justified decision whether to authorise the transfer of the relevant tasks and powers or to oppose it. The decision shall be notified to the Authority, which shall immediately inform the financial supervisor and the non-selected obliged entity thereof. The European Parliament and the Council shall be informed of the decision. 8. On the tenth working day after the decision authorising the transfer of tasks and powers in relation to the non-selected obliged entity has been notified to the Authority, the non-selected obliged entity shall be deemed a selected obliged entity for the purposes of the exercise of the tasks referred to in Article 5(2) and the powers referred to in Article 6(1) and Articles 17 to 23. The Commission decision shall set a time limit for the exercise of those tasks and powers, upon the expiry of which they shall be automatically transferred back to the financial supervisor concerned. 9. After having consulted the financial supervisor concerned, the Authority may submit to the Commission a request to extend the application of the decision authorising the transfer of tasks and powers. That request shall be submitted at least two months before the expiry of the initial period. The request referred to in the first subparagraph shall be accompanied by the following: (a) a description of the measures that the Authority has taken in relation to the obliged entity concerned and of the further measures it intends to take; (b) a justification as to why those remaining measures address breaches that still fall within the scope of competence of the Authority, pursuant to paragraph 2; (c) a proposed length of time of a maximum of three years for the continued exercise of the tasks referred to in Article 5(2) and the powers referred to in Article 6(1) and Articles 17 to 23 in relation to the obliged entity; (d) any relevant communication between the Authority and the financial supervisor concerned. The Commission shall adopt a decision whether to grant the extension within the time limit indicated in paragraph 7. Any extension granted pursuant to this paragraph may be granted only once.

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