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REPORT (COM(2021)0421 – C90340/2021 – 2021/0240(COD))

On the proposal for a regulation of the European Parliament and of the Council establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) 1094/2010, (EU) 1095/2010

A-9-2023-0128

Committee on Economic and Monetary Affairs Committee on Civil Liberties, Justice and Home Affairs · Rapporteur: Eva Maria Poptcheva, Emil Radev

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal sets up the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, established as of 1 January 2023. The Authority directly supervises selected high-risk cross-border obliged entities, oversees national supervisors of the financial and non-financial sectors, and supports and coordinates Financial Intelligence Units. It runs a central AML/CFT database, hosts FIU.net, conducts joint analyses, and can impose administrative pecuniary sanctions and periodic penalty payments on selected entities. It is governed by a General Board in supervisory and FIU compositions and an Executive Board, and is funded by a Union contribution and fees on obliged entities. The European Banking Authority loses its AML/CFT tasks, and the Authority becomes operational by 1 January 2024.

Committee position. The committees adopt Parliament's position at first reading, amending the Commission proposal to establish the Authority, and call on the Commission to refer the matter to Parliament again if it substantially amends its proposal.

Key points

  1. The Authority is established as of 1 January 2023 to protect the integrity of the Union's financial system and the internal market.
  2. It directly supervises selected obliged entities, defined as the 40 assessed entities with the highest residual risk profile in at least two Member States, rising to a maximum of 60.
  3. The first selection process starts on 1 July 2025 and is concluded within one month; direct supervision begins five months after publication of the list.
  4. The Authority develops a harmonised risk-based supervisory methodology and draft regulatory technical standards classifying residual risk as low, medium, substantial or high.
  5. It establishes and keeps up to date a central AML/CFT database, taking over the EuReCA database, with personal data kept for up to 10 years.
  6. It may impose administrative pecuniary sanctions on selected obliged entities for serious, repeated or systematic breaches, with basic amounts from EUR 100 000 up to EUR 2 000 000 or 1% of annual turnover.
  7. It may impose periodic penalty payments of 3% of average daily turnover, or 2% of average daily income for natural persons, until compliance.
  8. The Authority and FIUs constitute an FIUs Support and Coordination Mechanism, and the Authority supports, coordinates and can initiate joint analyses of cross-border suspicious transactions.
  9. It hosts, manages and maintains FIU.net and may suspend a specific FIU's access where a peer review finds requirements on independence, integrity, professionalism, confidentiality or security are not met.
  10. It conducts peer reviews of non-financial supervisors and FIUs, and may establish AML/CFT supervisory colleges for non-financial sector entities operating in at least four Member States with annual EU-wide turnover of at least EUR 200 million.
  11. It is responsible for supervision of the implementation and enforcement of targeted financial sanctions, acting as a central contact point and managing a consolidated list of designated persons, groups and entities.
  12. The European Banking Authority's AML/CFT tasks and powers are deleted and its resources transferred to the Authority; the Authority becomes operational by 1 January 2024.

Who is affected

  • Selected obliged entities: directly supervised by the Authority, subject to its investigations, on-site inspections, measures and sanctions.
  • Non-selected obliged entities: remain under national supervision, but the Authority may request action or take over supervision in defined cases.
  • National financial and non-financial supervisors: subject to assessments, peer reviews, guidelines and binding decisions of the Authority.
  • Financial Intelligence Units: participate in the FIUs Support and Coordination Mechanism and may delegate staff to the Authority.
  • The European Banking Authority: loses its AML/CFT tasks and powers, which transfer to the Authority.

Figures and deadlines

  • The Authority is established as of 1 January 2023.
  • The first selection process commences on 1 July 2025 and is concluded within one month.
  • Direct supervision begins five months after publication of the list of selected obliged entities.
  • The first selection covers the 40 obliged entities with the highest residual risk profile; the number may rise by up to 10% each round to a maximum of 60.
  • Personal data in the central database may be kept for up to 10 years after collection.
  • Sanctions range from at least EUR 100 000 to EUR 2 000 000 or 1% of annual turnover, depending on the breach.
  • Periodic penalty payments are 3% of average daily turnover, or 2% of average daily income for natural persons.
  • AML/CFT supervisory colleges in the non-financial sector may be established for entities operating in at least four Member States with annual EU-wide turnover of at least EUR 200 million.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.