Changes from plenary report to adopted text

RemovedArticle 24 – paragraph 4: deleted

RemovedArticle 24 – paragraph 5 – subparagraph 1: When an FIU seeks to obtain additional information from an obliged entity established in another Member State which operates on the territory of its Member State, the request shall be addressed to the FIU of the Member State in whose territory the obliged entity is established. That FIU shall obtain information in accordance with Article 50(1) of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and transfer the answers promptly. Obliged entities shall provide information to their respective competent FIUs which shall then forward the requested information to the requesting FIU.

RemovedArticle 24 – paragraph 6: 6. Member States shall ensure that where an FIU is requested to provide information pursuant to paragraph 1, it shall respond to the request and provide the requested information as soon as possible and in any case no later than seven days after the receipt of the request. In exceptional, duly justified cases, this time limit may be extended to a maximum of 14 calendar days. Where the requested FIU is unable to obtain the requested information, it shall inform the requesting FIU thereof.

RemovedArticle 24 – paragraph 8 – subparagraph 1 a (new): By ... [18 months after the date of transposition of this Directive], the Commission shall publish a report outlining notifications of exceptional circumstances referred to in the first subparagraph. The Commission shall publish additional reports in case of updates to those notifications. The Commission shall assess in that report whether or not the exceptional circumstances notified are justified.

RemovedArticle 25 – paragraph 3 – point b: (b) a number of FIUs are conducting operational analyses in which the circumstances of the case justify or merit coordinated, concerted action in the Member States involved.

RemovedArticle 25 – paragraph 3 – point b a (new): (ba) an FIU deems it appropriate and useful for the purposes of ensuring that a specific analysis and the results thereof are of better quality, exploiting potential synergies and the possibility of using information from different sources, or obtaining comprehensive information concerning the anomalous activities underlying that specific analysis.

RemovedArticle 25 – paragraph 3 – subparagraph 1: A request for the setting up of a joint analysis team may be made by any of the FIUs concerned or AMLA, under the conditions laid down in paragraph 3a.

RemovedArticle 25 – paragraph 3 a (new): 3a. Provided that no FIU has submitted a request for the setting up of a joint analysis team, AMLA may set up such a team on its own initiative where it identifies cases in which: / (a) an FIU’s operational analyses require difficult and demanding analyses having links with other Member States; / (b) a number of FIUs are conducting operational analyses where the circumstances necessitate coordinated, concerted action in the Member States involved; / (c) it has received information indicating a suspicion of money laundering or financing of terrorism that could affect the internal market or relate to cross-border activities.

RemovedArticle 27 – paragraph 2: 2. Member States shall ensure that the requested FIU’s prior consent to disseminate the information to competent authorities is granted promptly and to the largest extent possible, regardless of the type of predicate offences and whether or not the predicate offence has been identified. The requested FIU shall not refuse its consent to such dissemination unless this would fall beyond the scope of application of its AML/CFT provisions or could lead to impairment of an investigation, or would otherwise not be in accordance with fundamental principles of national law of that Member State. Any such refusal to grant consent shall be appropriately explained. The cases where FIUs may refuse to grant consent shall be specified in a way which prevents misuse of, and undue limitations to, the dissemination of information to competent authorities.

RemovedArticle 27 – paragraph 2 a (new): 2a. By ... [one year after the date of transposition of this Directive], Member States shall notify to the Commission the exceptional circumstances in which dissemination would not be in accordance with fundamental principles of national law referred to in paragraph 2. Member States shall update such notifications where the exceptional circumstances in which dissemination would not be in accordance with fundamental principles of national law change.

RemovedArticle 27 – paragraph 2 b (new): 2b. By ... [18 months after the date of transposition of this Directive], the Commission shall publish a report outlining the notifications of exceptional circumstances referred to in the paragraph 2a. The Commission shall publish additional reports in case of updates to those notifications. The Commission shall assess in those reports whether the notified exceptional circumstances are justified or not.

RemovedArticle 27 a (new): Article 27a / Transmission of information to EPPO / Where there are grounds to suspect money laundering or its associated predicate offences in respect of which the EPPO could exercise its competence or has exercised its competence in accordance with Article 22 or Article 25(2) and (3) of Council Regulation (EU) 2017/19391a, Member States shall ensure that the FIU disseminates the following information in accordance with the principles laid down in that Regulation: / (a) relevant information; and / (b) the results of its analyses. / 1a Council Regulation (EU) 2017/1939 of 12 October 2017 implementing enhanced cooperation on the establishment of the European Public Prosecutor’s Office (‘the EPPO’) (OJ L 283, 31.10.2017, p. 1).

RemovedArticle 29 – paragraph 1: 1. Member States shall ensure that all obliged entities are subject to adequate, effective and independent supervision. To that end, Member States shall appoint supervisors to monitor effectively, and to take the measures necessary to ensure, compliance by the obliged entities with the requirements set out in Regulations ... [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and ... [please insert reference to the Funds Transfer Regulation - 2021/0241(COD) ] and with the requirement to implement targeted financial sanctions. Where Member States have more than one supervisor, they shall appoint one leading supervisor in order to ensure proper coordination.

RemovedArticle 29 – paragraph 1 a (new): 1a. Supervisors shall participate in, and contribute to, the activities of the European AML/CFT Supervisory system, in accordance with Regulation ... [please insert reference to the AMLA Regulation - 2021/0240(COD)]. They shall in particular: / (a) participate in joint supervisory teams as an integral part of their tasks, as well as in other activities undertaken by AMLA pursuant to its mandate; / (b) provide AMLA with the data and information required to fulfil its tasks, as well as to implement measures taken by AMLA in accordance with Regulation ... [please insert reference to the AMLA Regulation - 2021/0240(COD)] and other applicable Union law. / All information obtained by supervisors through the participation in AMLA´s activities shall be covered by the strictest confidentiality.

RemovedArticle 29 – paragraph 3: 3. In the case of the obliged entities referred to in Article 3, points (3)(a) and (b), of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], Member States may allow the function referred to in paragraph 1 of this Article to be performed by self-regulatory bodies, provided that those self-regulatory bodies have the powers referred to in paragraph 5 of this Article and have adequate financial, human and technical resources to perform their functions. Member States shall ensure that staff of those bodies are of high integrity and appropriately skilled, and that they maintain high professional standards, including standards of confidentiality, data protection and standards addressing conflicts of interest

RemovedArticle 29 – paragraph 3 a (new): 3a. By ... [two years after the date of transposition of this Directive], AMLA shall, after consulting EBA, issue guidelines addressed to supervisors on the fulfilment of the requirements laid down in paragraphs 2 and 3.

RemovedArticle 29 – paragraph 4 – point g: (g) to respond without undue delay to any suspicion of non-compliance with applicable requirements on the part of supervised obliged entities and take appropriate supervisory measures to address any breaches of applicable requirements by the obliged entities identified in the process of supervisory assessments and follow up on the implementation of such measures

RemovedArticle 29 – paragraph 4 – point g a (new): (ga) to take appropriate supervisory measures to address allegations of breaches of applicable requirements following public revelations, or information brought to their knowledge through private channels, in particular through the mechanisms provided for in Article 43.

RemovedArticle 30 – paragraph 2 – point e: (e) any guidance and report produced by AMLA, the European Data Protection Board and other supervisors and, where relevant, the public authority overseeing self-regulatory bodies, the FIU or any other competent authority or international organisations and standard setters regarding money laundering and terrorist financing methods which might apply to a sector and indications which may facilitate the identification of transactions or activities at risk of being linked to money laundering and terrorist financing in that sector, as well as on obliged entities’ obligations in relation to targeted financial sanctions.

RemovedArticle 31 – paragraph 6 a (new): 6a. Member States shall ensure that supervisors and self-regulatory bodies, prepare a detailed annual activity report and that a summary of that report is made publicly available. That summary shall not contain confidential information. That summary shall include: / (a) details of the supervisors’ tasks; / (b) an overview of the supervisory activities; / (c) the number of on-site and off-site supervisory actions; and / (d) the number of breaches identified on the basis of supervisory actions and sanctions or administrative measures applied by supervisory authorities and self-regulatory bodies pursuant to Section 4 of Chapter IV. / The supervisor and self-regulatory body that prepares an annual activity report referred to in the first subparagraph shall transmit that report to the designated authority or mechanism referred to in Article 8(2) and to AMLA. The designated authority shall provide feedback and propose possible improvements which may include recommendations to change the allocation of supervisory responsibilities and the arrangements for carrying out supervisory tasks.

RemovedArticle 31 a (new): Article 31a / List of credit and financial institutions under enhanced supervision and customer due diligence / 1. Financial supervisors shall include specific credit or financial institutions on a list of credit and financial institutions under enhanced supervision where, following supervisory activities referred to in Article 29, points (c ), (e), (f) and (g), financial supervisors identify serious and structural weaknesses or vulnerabilities in the application of AML/CFT rules by those credit and financial institutions under their supervision. / 2. When applying the measures referred to in paragraph 1 of this Article, financial supervisors shall take into account the rules and principles of risk-based supervision laid down in Article 31, in particular the benchmarks and a methodology for assessing and classifying the inherent and residual risk profile of obliged entities and the guidelines on the characteristics of a risk-based approach to supervision. / 3. Financial supervisors shall inform credit and financial institutions of their inclusion on the list referred to in paragraph 1 prior to their inclusion through a reasoned communication. Financial supervisors shall also communicate to the credit or financial institution concerned the measures they will put in place in order to address the weaknesses identified within a specific timeframe. / 4. Financial supervisors shall promptly inform AMLA and national non-AML/CFT supervisors of the measures taken under paragraph 1. Fi…

RemovedArticle 32 – paragraph 1: 1. Member States shall ensure that if, in the course of the checks carried out on the obliged entities, or in any other way, supervisors discover facts that could be related to money laundering or to terrorist financing, they shall promptly inform the FIU if the obliged entity itself would have been obligated to report the suspicious transaction in accordance with Articles 50 and 51 of Regulation ... [please insert reference to AML Regulation - 2021/0239(COD)]

RemovedArticle 33 – paragraph 2: 2. In addition to the obligations laid down in Article 5, obliged entities wishing to exercise the freedom to provide services by carrying out activities within the territory of another Member State for the first time shall notify the supervisors of the home Member State of the activities which they intend to carry out. Those supervisors shall, within three months of the receipt of that information, communicate it to the supervisors of the host Member State. Such notification shall also be required where provision of cross-border services is carried out by agents of the obliged entity or through any natural or legal person which acts on their behalf. It shall not apply to obliged entities that, pursuant to other Union legal acts, are subject to specific notification procedures for the exercise of the freedom of establishment and to provide services.

RemovedArticle 33 – paragraph 4 – introductory part: 4. In the cases covered by paragraph 2 of this Article and Article 5, supervisors of the host Member State shall cooperate with supervisors of the home Member State and lend assistance to ensure the verification of compliance by the obliged entity with the requirements of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] and of Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final] and to take appropriate, proportionate, effective and dissuasive measures to address breaches

RemovedArticle 33 – paragraph 4 – subparagraph 1: In the cases covered by Article 5, the supervisors of the host Member State shall be allowed at their own initiative to take appropriate, proportionate, effective and dissuasive measures to address serious failings that require immediate remedies and shall promptly inform the supervisor of the home Member State.Those measures shall be temporary and be terminated when the failings identified are addressed, including with the assistance of or in cooperation with the supervisors of the home Member State of the obliged entity.

RemovedArticle 33 – paragraph 4 a (new): 4a. By ... [two years after the date of transposition of this Directive], AMLA shall, issue guidelines on the criteria for identifying serious failings that require immediate action, and the measures that may be required from host supervisors to address such failings.

RemovedArticle 33 – paragraph 5: 5. Where the supervisors of the home and host Member State disagree on the measures to be taken in relation to an obliged entity, each of them may refer the matter to AMLA and request its assistance in accordance with Articles 5 and 10 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final]. AMLA shall provide its advice on the matter of disagreement within one month and settle the disagreement on the matter by means of a binding instruction pursuant to Article XX(X) of that Regulation.

RemovedArticle 34 – paragraph 5 – subparagraph 1: AMLA may act in accordance with the powers conferred on it under Articles 5 and 10 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final]. When doing so, AMLA shall provide its opinion on the subject-matter of the request within one month and settle the disagreement on the matter by means of a binding instruction pursuant to Article XX(X) of that Regulation.

RemovedArticle 34 – paragraph 6: deleted

RemovedArticle 34 a (new): Article 34a / Supervision of groups of obliged entities other than credit or financial institutions / 1. Member States shall ensure that the provisions of Article 34 also apply to non-financial supervisors in cases of supervision of groups of obliged entities other than credit or financial institutions, except where AMLA excercises direct supervision in accordance with Article 5(2) of Regulation ... [please insert reference to AMLA Regulation - 2021/0240(COD)]. Member States shall also ensure that in cases where obliged entities other than credit and financial institutions are part of structures which share common ownership, management or compliance control, including networks or partnerships, cooperation and exchange of information between financial and non-financial supervisors is facilitated. / 2. By ... [two years after the date of entry into force of this Directive], AMLA shall, after consultating supervisors and authorities overseeing self-regulatory bodies, develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall: / (a) establish criteria to identify groups of obliged entities other than credit or financial institutions which are part of structures which operate cross borders and share common ownership, management or compliance control, including networks or partnerships; / (b) detail the respective duties of the home and host supervisors, and the modalities of cooperation between them…

RemovedArticle 35 – paragraph 1: Supervisors, including AMLA and non-AML/CFT authorities shall inform each other of instances in which the law of a third country does not permit the implementation of the policies, controls and procedures required under Article 13 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final]. In such cases, coordinated actions may be taken by supervisors to pursue a solution, if they deem it necessary. In assessing which third countries do not permit the implementation of the policies, controls and procedures required under Article 13 of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], supervisors shall take into account any legal constraints that may hinder proper implementation of those policies and procedures, including professional secrecy, an insufficient level of data protection and other constraints limiting the exchange of information that may be relevant for that purpose.

RemovedChapter IV – Section 2 – title: Specific provisions applicable to the financial and non-financial sector

RemovedArticle 36 – title: AML/CFT supervisory colleges in the financial sector

RemovedArticle 36 – paragraph 1 a (new): 1a. The supervisory activities of AML/CFT supervisory colleges shall be proportionate to the level of risk posed by the credit or financial institution and the scale of its cross-border activity. AML/CFT supervisory colleges may adjust the programme of supervisory activities within the college on a risk-sensitive basis.

RemovedArticle 36 – paragraph 5: 5. AMLA shall attend the meetings of the AML/CFT supervisory colleges and shall facilitate their work in accordance with Article 29 of Regulation [please insert reference – proposal for establishment of an Anti-Money Laundering Authority - COM/2021/421 final]. AMLA shall have the power to intervene where disagreements arise between supervisors participating in the AML/CFT supervisory colleges and to settle the disagreement on the matter by means of a binding instruction pursuant to Article XX(X) of that Regulation.

RemovedArticle 36 – paragraph 5 a (new): 5a. Financial supervisors in third countries may be allowed to participate in AML/CFT supervisory colleges, in particular in AML/CFT supervisory colleges established under paragraph 1, point (b), provided that: / (a) there is a request for participation; / (b) Union data protection rules concerning data transfers apply; / (c) participation is on the basis of reciprocity; / (d) the information disclosed is subject to a guarantee of professional secrecy requirements at least equivalent to that referred to in Article 50(1) and is used solely for the purpose of performing the supervisory tasks of the participating financial supervisors. / AMLA shall assess whether financial supervisors in third countries fulfil the conditions laid down in the first subparagraph and shall decide on the participation of financial supervisors in third countries in AML/CFT supervisory colleges.

RemovedArticle 36 – paragraph 6 – introductory part: 6. By [2 year after the date of entry into force of this Directive], AMLA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify the general conditions for the functioning of the AML/CFT supervisory colleges on a risk sensitive basis including the terms of cooperation between participants, and the operational functioning of such colleges. They shall further specify requirements for the participation of financial supervisors in third countries. Prior to the submission of those draft regulatory technical standards to the Commission, AMLA shall consult with the European Data Protection Board on the data protection rules which apply to data transferred to financial supervisors in third countries.

RemovedArticle 36 a (new): Article 36a / AML/CFT supervisory colleges in the non-financial sector / 1. Member States shall ensure that non-financial supervisors participate in dedicated AML/CFT supervisory colleges that are established pursuant to article 31a of Regulation ... [please insert reference to AMLA Regulation - 2021/0240 (COD)] in any of the following situations: / (a) where an obliged entity as referred to in Article 3, point (3), of Regulation ... [please insert reference to Anti-Money Laundering Regulation - 2021/0239 (COD)] has set up establishments or provides services in at least three different Member States other than the Member State where it is established and has an annual EU-wide turnover of at least EUR 200 million; / (b) where an obliged entity as referred to in Article 3, point (3), of Regulation ... [please insert reference to Anti-Money Laundering Regulation - 2021/0239 (COD)] is a third-country entity that operates in at least four Member States and has an annual EU-wide turnover of at least EUR 200 million. / 2. The supervisory activities of AML/CFT supervisory colleges shall be proportionate to the level of risk posed by the obliged entity and the scale of its cross-border activity. AML/CFT supervisory colleges may adjust the programme of supervisory activities within the college on a risk-sensitive basis. / 3. For the purposes of paragraph 1 of this Article, following a decision in accordance with Article 31a of Regulation ... [please insert reference to AMLA Regulation …

RemovedArticle 37 – title: Cooperation with supervisors in third countries

RemovedArticle 37 – paragraph 1 – introductory part: 1. Member States shall authorise supervisors to conclude cooperation agreements providing for collaboration and exchanges of confidential information with their counterparts in third countries. Such cooperation agreements shall comply with applicable data protection rules and be concluded on the basis of reciprocity and subject to a guarantee of professional secrecy requirements at least equivalent to that referred to in Article 50(1). Confidential information exchanged in accordance with those cooperation agreements shall be used for the purpose of performing the supervisory tasks of those authorities only.

RemovedArticle 37 – paragraph 1 – subparagraph 1: Where the information exchanged originates in another Member State, it shall only be disclosed with the explicit consent of the supervisor which shared it and, where appropriate, solely for the purposes for which that supervisor gave its consent.

RemovedArticle 37 – paragraph 2: 2. For the purposes of paragraph 1, AMLA shall assess the equivalence of professional secrecy requirements applicable to the third country counterpart.

RemovedArticle 37 – paragraph 3: 3. Member States shall ensure that supervisors notify any agreement signed pursuant to this Article to AMLA within one month of its signature. AMLA shall develop draft implementing technical standards specifying a common template for the cooperation agreements referred to in paragraph 1. The Commission is empowered to adopt those implementing technical standards in accordance with Article 42 of Regulation ... [please insert reference to AMLA Regulation - 2021/0240 (COD).

RemovedArticle 38 – paragraph 1: 1. Where Member States decide, pursuant to Article 29(3), to allow self-regulatory bodies to perform supervision of the entities referred to in Article 3, points (3)(a), and (b), of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], they shall ensure that the activities of such self-regulatory bodies in the performance of such functions are subject to oversight by a public authority.

RemovedArticle 38 – paragraph 1 a (new): 1a. The public authority overseeing self-regulatory bodies shall be operationally independent and autonomous and shall carry out its functions free of political, government or industry influence or interference. Staff of those public authorities shall be of high integrity and appropriately skilled, including in detecting biases in, and in the ethical use of, big data sets, and shall maintain high professional standards, including standards of confidentiality, of data protection and of addressing conflicts of interest.

RemovedArticle 38 – paragraph 2 – introductory part: 2. The authority overseeing self-regulatory bodies shall be responsible for ensuring that self regulatory bodies as a minimum fulfil their legal obligations stemming from Union legal acts and from national legislation transposing Union legal acts, including by:

RemovedArticle 38 – paragraph 2 – point c: (c) ensuring that self-regulatory bodies perform their functions under Section 1 of this Chapter to the highest standards and that, in particular, self-regulatory bodies perform the tasks laid down in Article 29(4);

RemovedArticle 38 – paragraph 3 – introductory part: 3. Member States shall ensure that the authority overseeing self-regulatory bodies is granted adequate powers to discharge its responsibilities under paragraph 2. In particular, Member States shall ensure that the authority has the power to:

RemovedArticle 38 – paragraph 3 – point a: (a) compel the production of any information that is relevant to monitoring compliance and performing checks, except for any information collected by obliged entities referred to in Article 3, points (3)(a), and (b), of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] in the course of ascertaining the legal position of their client, subject to the conditions laid down in that Regulation, or for performing the task of defending or representing that client in, or concerning, judicial proceedings, including providing advice on instituting or avoiding such proceedings; whether such information was collected before, during or after such proceedings;

RemovedArticle 38 – paragraph 3 – point b: (b) issue instructions to a self-regulatory body for the purpose of remedying a failure to perform its functions under Article 29(1) or to comply with the requirements of paragraph 5 and 6 of that Article, or to prevent any such failures. When issuing such instructions, the authority shall consider any relevant guidance it provided or that has been provided by AMLA.

RemovedArticle 39 – paragraph 3 – introductory part: 3. In the event of a breach of Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final], Member States shall ensure that where obligations apply to a legal person, administrative sanctions and measures can be applied to its senior management and to other natural persons who under national law are responsible for the breach.

RemovedArticle 39 – paragraph 5 – point g a (new): (ga) repeated similar breaches by the natural or legal person held responsible.

RemovedArticle 39 – paragraph 6: 6. In the exercise of their powers to impose administrative sanctions and measures, supervisors shall cooperate closely and, where relevant, coordinate their actions with non-AML/CFT authorities, in order to ensure that those administrative sanctions or measures produce the desired results and coordinate their action when dealing with cross-border cases.

RemovedArticle 39 – paragraph 7 – introductory part: 7. By [2 years after the date of entry into force of this Directive], AMLA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall define indicators to classify the level of gravity of breaches and criteria to be taken into account when setting the level of administrative sanctions or taking administrative measures pursuant to this Section and the consequences in the event of repeated breaches. Those draft regulatory technical standards shall also include ranges of pecuniary sanctions relative to the turnover of the entity in breach that shall be applied in accordance with the indicators to assess the level of gravity of the breach as references for effective, proportionate and dissuasive sanctions, including in cases of repeated breaches.

RemovedArticle 40 – paragraph 1 – point d: (d) Section 1 of Chapter II (internal policies, controls and procedures of obliged entities).

RemovedArticle 40 – paragraph 3 – point a: (a) in the case of a legal person, maximum administrative pecuniary sanctions of at least EUR 10 000 000 or 15 % of the total global annual turnover according to the latest available accounts approved by the management body, whichever is higher, where the obliged entity is a parent undertaking or a subsidiary of a parent undertaking which is required to prepare consolidated financial accounts in accordance with Article 22 of Directive 2013/34/EU of the European Parliament and of the Council49, the relevant total annual turnover shall be the total global annual turnover or the corresponding type of income in accordance with the relevant accounting regime according to the last available consolidated accounts approved by the management body of the ultimate parent undertaking;

RemovedArticle 40 – paragraph 4 a (new): 4a. Member States shall ensure that a legal person can be held liable for breaches as referred to in paragraph 1 where the breach has been committed for its benefit by any natural person, acting individually or as part of a body of that legal person that has a leading position within that legal person based on any of the following: / (a) power to represent that legal person; / (b) authority to take decisions on behalf of that legal person; / (c) authority to exercise control within that legal person.

RemovedArticle 40 – paragraph 4 b (new): 4b. Member States shall ensure that a legal person can be held liable where the lack of supervision or control by natural persons referred to in paragraph 4a of this Article has made possible the commission by a person under their authority of the breaches referred to in Article 40(1) for the benefit of that legal person.

RemovedArticle 41 – paragraph 1 – introductory part: 1. Member States shall ensure that supervisors are able to impose administrative measures other than sanctions on an obliged entity where they identify breaches of requirements of the Regulation [please insert reference – proposal for Anti-Money Laundering Regulation - COM/2021/420 final] either in combination with administrative sanctions or, in cases which are not deemed sufficiently serious to be punished with an administrative sanction, alone. Member States shall ensure that the supervisors are able at least to:

RemovedArticle 41 – paragraph 1 – point b: (b) order obliged entities to comply, including to implement specific corrective measures, within a concrete and reasonable timeline;