Regulation on the creation of an EU-wide AML/CFT authority (AMLA)

Level 2

Central AML/CFT database

AMLA to develop draft regulatory technical standards specifying:

• the procedure, formats and timelines for the transmission of information pursuant to Article 11(2) and (3);
• 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;
• the scope and level of detail of the information to be transmitted in relation to obliged entities in the non-financial sector;
• the type of information the disclosure of which by AMLA, pursuant to a reasoned request or at its own initiative, requires the prior consent of the supervisory authority that originated it;
• 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 Article 11(2)(c);
• the conditions under which AMLA may request additional information pursuant to Article 11(3);
• the types of additional information to be transmitted to AMLA pursuant to Article 11(3).

Level 2

Assessment of credit institutions and financial institutions for the purposes of selection for direct supervision

AMLA to develop draft regulatory technical standards specifying:

• 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;
• the methodology based on the benchmarks referred to in Article 12(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.

Level 2

Cooperation within the AML/CFT supervisory system for the purposes of direct supervision

AMLA to develop draft implementing technical standards specifying:

• the conditions under which financial supervisors are to assist AMLA pursuant to Article 15(2);
• the process of periodic assessment referred to in Article 12(1), including the roles of the supervisory authorities and AMLA in assessing the risk profile of credit institutions and financial institutions referred to in that paragraph;
• the working arrangements for the transfer of supervisory tasks and powers to AMLA or from AMLA to national level following a selection process, including arrangements on the continuity of pending supervisory procedures or investigations;
• the procedures for the preparation and adoption of decisions on the selection of obliged entities;
• the detailed rules and arrangements for the composition and functioning of the joint supervisory teams referred to in Article 16(1) and (2).

Level 2

Reporting and transmission of the results of joint analyses

AMLA to develop draft implementing technical standards, in consultation with the European Public Prosecutor’s Office (EPPO), specifying the format to be used by AMLA for reporting information to the EPPO.

Level 2

Procedural rules for taking supervisory measures and imposing pecuniary sanctions and periodic penalty payments

EU Commission to adopt delegated acts setting out 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 to adopt detailed rules on the limitation periods for the imposition and enforcement of penalties.

Level 2

Fees levied on selected and non-selected obliged entities

EU Commission to adopt a delegated act by specifying the methodology for calculating the amount of the fee levied on each selected and non-selected obliged entity subject to fees in accordance with Article 77(1), and the procedure for collecting those fees.