Changes from plenary report to adopted text

Removed(d) establish a central AML/CFT database of information collected from selected and non-selected obliged entities, supervisors and supervisory authorities and keep it up to date;

Removed(e) analyse the information collected in the central database and share these analyses with supervisors and supervisory authorities on a need-to-know and confidential basis;

Removed(f) monitor and support the implementation of targeted financial sanctions, asset freezes and confiscations under the Union restrictive measures across the internal market, as well as publish information on asset freezes, seizures and confiscations;

Removed(g) support, facilitate and strengthen cooperation and exchange of information between obliged entities and public authorities in order to develop a common understanding of ML/TF risks and threats facing the internal market, including by participating in public-private partnerships or similar collaborative arrangements;

Removed(ga) issue publications and provide training and other services to obliged entities and non-obliged entities in order to raise awareness of, and address, ML/TF risks and risks related to targeted financial sanctions;

Removed(gb) conduct peer reviews of the fulfilment, by the entities in charge of central beneficial ownership registers, of the requirements laid down in Chapter II, Section 1, of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive];

Removed(h) undertake any other specific tasks set out in this Regulation and in other legislative acts.

Removed2. The Authority shall perform the following tasks with respect to selected obliged entities:

Removed(a) ensure group-wide compliance with the requirements applicable to the selected obliged entities pursuant to legislative acts referred to in Article 1(2), and any other legally binding Union acts that impose AML/CFT-related obligations on financial institutions, including obligations on targeted financial sanctions;

Removed(b) carry out supervisory reviews and assessments on individual entity and group-wide level in order to determine whether the arrangements, strategies, processes and mechanisms put in place by the selected obliged entities are adequate to mitigate their risks related to money laundering and terrorist financing, as well as to implement targeted financial sanctions effectively, and on the basis of those supervisory reviews impose specific requirements, supervisory measures and administrative pecuniary sanctions pursuant to Articles 20, 21 and 22;

Removed(c) participate in group-wide supervision, in particular in colleges of supervisors, including where a selected obliged entity is part of a group that has headquarters, subsidiaries or branches outside the Union;

Removed(d) develop and maintain up to date a system to assess the risks and vulnerabilities of the selected obliged entities to inform the supervisory activities of the Authority and supervisory authorities, including through the collection of data from these entities and include such collection of data in the regular reporting of information within the framework of Article 11.

Removed3. The Authority shall perform the following tasks with respect to financial supervisors:

Removed(a) maintain an up-to-date list of financial supervisors within the Union;

Removed(b) carry out periodic reviews to ensure that all financial supervisors have adequate resources and powers necessary for the performance of their tasks in the area of AML/CFT and targeted financial sanctions;

Removed(ba) request financial supervisors to investigate possible breaches of the requirements applicable to obliged entities;

Removed(c) perform assessments of the strategies, capacities and resources of financial supervisors in the area of AML/CFT and targeted financial sanctions, and make the results of such assessments available to all financial supervisors;

Removed(d) facilitate the functioning of the colleges of financial supervisors in the area of AML/CFT to ensure a sufficient level of coordination between supervisory authorities;

Removed(e) contribute, in collaboration with financial supervisors, to the convergence of supervisory practices and promotion of high supervisory standards in the area of AML/CFT and targeted financial sanctions, including the development and implementation, for selected and non-selected obliged entities, of a common AML/CFT reporting methodology that incorporates common regulatory templates;

Removed(f) coordinate staff and information exchanges among financial supervisors in the Union;

Removed(g) provide assistance to financial supervisors, following their specific requests, including the requests to mediate between financial supervisors;

Removed(ga) settle, with binding effect, disagreements between financial supervisors concerning the measures to be taken by financial supervisors in relation to an obliged entity, including in the context of AML/CFT supervisory colleges, following a request as referred to in point (g);

Removed(gb) report to the Commission instances where the absence of effective and efficient supervisory practices and activities derives from an inadequate or lack of transposition of Union law into national law.

Removed4. The Authority shall perform the following tasks with respect to non-financial supervisors:

Removed(a) maintain an up-to-date list of non-financial supervisors within the Union;

Removed(b) coordinate peer reviews of supervisory standards and practices in the area of AML/CFT;

Removed(c) request non-financial supervisors to investigate possible breaches of requirements applicable to obliged entities and to consider imposing sanctions or remedial actions in respect of such breaches;

Removed(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;

Removed(e) contribute to convergence of supervisory practices and promotion of high supervisory standards in the area of AML/CFT;

Removed(ea) facilitate the functioning of colleges of non-financial supervisors in the area of AML/CFT to ensure a sufficient level of coordination between supervisory authorities;

Removed(f) provide assistance to non-financial supervisors, following their specific requests, including the requests to settle any disagreements on the measures to be taken in relation to an obliged entity.

RemovedWhere supervision of specific sectors is delegated at national level to self-regulatory bodies (‘SRBs’), the Authority shall exercise the tasks set out in the first subparagraph in relation to supervisory authorities overseeing the activity of SRBs.

Removed4a. The Authority shall perform the following tasks with respect to obliged entities and competent authorities in charge of the preparation, adoption, supervision and enforcement relating to targeted financial sanctions:

Removed(a) ensure the provision of outreach activities and communicate to obliged entities the information provided on the Union measures on targeted financial sanctions, including by managing a consolidated list of persons, groups and entities subject to Union financial sanctions;

Removed(b) act as a central contact point for Member States´ competent authorities on the enforcement of targeted financial sanctions, notably for sharing information on designated persons, assets held by designated persons and legal entities controlled by designated persons;

Removed(c) receive information from whistle-blowers with regard to the non-implementation or circumvention of targeted financial sanctions;

Removed(d) provide guidelines on, and assistance with the application of obligations related to targeted financial sanctions;

Removed(e) collect statistics on assets frozen by competent authorities relating to persons subject to targeted financial sanctions.

Removed5. The Authority shall perform the following tasks with respect to FIUs and their activities in the Member States:

Removed(-a) maintain an up-to-date list of FIUs within the Union;

Removed(-aa) monitor changes in the legal status and framework of FIUs, as well as in their tasks, powers and organisation, focusing on resources and powers for the performance of their tasks;

Removed(a) support and coordinate the work of FIUs and contribute to improved cooperation between FIUs;

Removed(b) contribute to the identification and the selection of relevant cases for the conduct of joint analyses by FIUs;

Removed(c) develop appropriate methods and procedures for the conduct of such joint analyses▌;

Removed(ca) issue guidelines and recommendations in cases where it identifies vulnerabilities or deficiencies that are not sufficiently addressed;

Removed(d) set up, coordinate, organise and facilitate the conduct of joint analyses carried out by FIUs;

Removed(da) provide assistance to FIUs, upon their specific requests, including any requests for mediation in case of disagreement between FIUs;

Removed(db) coordinate peer reviews of the fulfilment by FIUs of the requirements laid down in Chapter III of Directive [please insert reference – proposal for 6th Anti-Money Laundering Directive];

Removed(e) develop and make available to FIUs IT and artificial intelligence services and tools for secure information sharing, including by hosting FIU.net;

Removed(f) develop, share and promote expert knowledge on detection, analysis, and dissemination methods of suspicious transactions;

Removed(g) provide specialised training and assistance to FIUs, including through the provision of financial support, within the scope of its objectives and in accordance with the staffing and budgetary resources at its disposal;

Removed(h) support effective compliance by obliged entities and their interaction with FIUs by providing specialised training to obliged entities, including improving their awareness and procedures to detect suspicious activities and financial operations and their reporting to the FIUs;

Removed(i) prepare and coordinate threat assessments, strategic analyses of money laundering and terrorism financing threats, risks and methods identified by FIUs;

Removed(ia) report to the Commission instances where the absence of effective and efficient cooperation between FIUs derives from an inadequate or lack of transposition of Union law into national law.

Removed6. For the purpose of carrying out the tasks conferred on it by this Regulation, the Authority shall apply all relevant Union law, and where this Union law is composed of Directives, the national legislation transposing those Directives. Where the relevant Union law is composed of Regulations and where currently those Regulations explicitly grant options for Member States, the Authority shall apply also the national legislation exercising those options.

RemovedPowers of the Authority

Removed1. With respect to the selected obliged entities, the Authority shall have the supervisory and investigative powers as specified in Articles 16 to 20 and the power to impose administrative pecuniary sanctions and periodic penalty payments as specified in Articles 21 and 22.

RemovedFor the purposes of exercising those powers, the Authority may issue binding decisions addressed to individual selected entities. The Authority shall have the power to impose administrative pecuniary sanctions for non-compliance with the decisions taken in the exercise of powers laid down in Article 20 in accordance with Article 21.

Removed2. With respect to supervisors and supervisory authorities, the Authority shall have the following powers:

Removed(a) to require the submission of any information or document, including written or oral explanations, necessary for the performance of its functions, including statistical information, common regulatory templates sent by selected and non-selected obliged entities and information concerning internal processes or arrangements of national authorities;