Source: OJ L, 2024/1640, 19.6.2024

Current language: EN

Article 47 Supervisory cooperation regarding obliged entities carrying out cross-border activities


Summary What does Article 47 of the Sixth anti-money laundering (AML 6) directive say?

This article deals with supervisory cooperation for standalone obliged entities — that is, those not part of a group — that carry out cross-border activities.

It sits alongside Article 46, which covers similar cooperation requirements for groups of credit and financial institutions, and extends the spirit of that framework to non-group entities.

The article sets out how home and host Member State supervisors must cooperate with each other, share information, conduct inquiries, and keep each other informed of adverse developments or enforcement actions.

It also provides an escalation mechanism, allowing supervisors to refer disputes or failures to cooperate to AMLA for resolution.

Important points:

  • Home and host Member State supervisors are required to cooperate, share information on request or on their own initiative, and conduct inquiries on each other's behalf where supervision is shared over a cross-border obliged entity.
  • Home Member State supervisors are required to regularly update host supervisors on compliance measures and, in cases of serious, repeated or systematic breaches, inform them of any sanctions or measures intended to remedy those breaches.
  • Supervisors can refer to AMLA cases where information has not been shared, cooperation has been refused or ignored, or where there is a disagreement on breaches and remedies — with AMLA required to provide its opinion within 1 month.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

    1. Where obliged entities that are not part of a group carry out cross-border activities as referred to in Article 54(1) and supervision is shared between the supervisors of the home and host Member States pursuant to Articles 37(1) and 38(1), Member States shall ensure that those supervisors cooperate with each other to the greatest extent possible and assist each other in the performance of supervision pursuant to Articles 37(1) and 38(1).

    2. For the purposes of the first subparagraph, and except in cases where AML/CFT supervisory colleges are set up in accordance with Article 49, Member States shall ensure that supervisors:

      1. provide one another with any information they require for the exercise of their supervisory tasks, whether on request or on their own initiative, including the information referred to in Article 46(3), first subparagraph, points (a), (b) and (d), where that information is necessary for the performance of supervisory tasks;

      2. inform one another of any adverse development in relation to the obliged entity, its establishments or types of infrastructure, which could seriously affect the entity’s compliance with applicable requirements, and pecuniary sanctions they intend to impose, or administrative measures they intend to apply in accordance with Section 4 of this Chapter;

      3. are able to conduct, within their powers, inquiries on behalf of a requesting supervisor, and to share the information obtained through such inquiries, or to facilitate the conduct of such inquiries by the requesting supervisor.

    3. This paragraph shall also apply in the case of obliged entities that are established in a single Member State and operate under the freedom to provide services in another Member State without any infrastructure, where the supervision of activities in that other Member State is carried out by the supervisors of that Member State pursuant to Article 37(1), second subparagraph.

    1. Where supervision of the obliged entity and any of its types of infrastructure in other Member States is entrusted to the supervisors of the home Member State pursuant to Article 38(2), Member States shall ensure that the supervisors of the home Member State inform regularly the supervisors of the host Member State of the measures in place within the obliged entity, and compliance of that entity with applicable requirements, including those in place in the host Member State. Where serious, repeated or systematic breaches are identified, the supervisors of the home Member State shall promptly inform the supervisors of the host Member State of those breaches and of any pecuniary sanctions they intend to impose and administrative measures they intend to apply to remedy them.

    2. Member States shall ensure that supervisors of the host Member State provide assistance to the supervisors of the home Member State to ensure the verification of compliance by the obliged entity with legal requirements. In particular, Member States shall ensure that supervisors of the host Member State inform the supervisors of the home Member State of any serious doubts that they have regarding compliance of the obliged entity with applicable requirements, and that they share any information they hold in this regard with the supervisors of the home Member State.

    3. This paragraph shall also apply in the case of obliged entities that are established in a single Member State and operate under the freedom to provide services in another Member State without any infrastructure, except for cases where the supervision of activities in that other Member State is carried out by the supervisors of that other Member State pursuant to Article 37(1), second subparagraph.

    1. Supervisors shall be able to refer to AMLA any of the following situations:

      1. where a supervisor has not communicated the information referred to in paragraph 1, second subparagraph, points (a) and (b) or paragraph 2, first and second subparagraph;

      2. where a request for cooperation has been rejected or has not been acted upon within a reasonable time;

      3. where there is a disagreement on the basis of objective reasons on breaches identified and on the pecuniary sanctions to be imposed on or administrative measures to be applied to the entity to remedy those breaches.

    2. AMLA shall act in accordance with the powers conferred on it under Articles 33 and 38 of Regulation (EU) 2024/1620. AMLA shall provide its opinion on the subject-matter of the request within 1 month.

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