Article 52 Oversight of self-regulatory bodies

Where Member States decide, pursuant to Article 37(3) of this Directive, to allow self-regulatory bodies to perform supervision of the obliged entities referred to in Article 3, points (3)(a) and (b), of Regulation (EU) 2024/1624, 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.

1. verifying that any self-regulatory body performing the functions or aspiring to perform the functions referred to in Article 37(1) satisfies the requirements of paragraph 3 of that Article;

2. issuing guidance as regards the performance of the functions referred to in Article 37(1);

3. ensuring that self-regulatory bodies perform their functions under Section 1 of this Chapter adequately and effectively;

4. reviewing the exemptions granted by self-regulatory bodies from the obligation to draw up an individual documented risk assessment pursuant to Article 37(5), point (b);

5. regularly informing self-regulatory bodies of any activity planned or task carried out by AMLA that is relevant for the performance of their supervisory function, and in particular the planning of peer reviews in accordance with Article 35 of Regulation (EU) 2024/1620.

1. 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 (EU) 2024/1624 in the course of ascertaining the legal position of their client, subject to the conditions of Article 21(2) of 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;

2. issue instructions to a self-regulatory body for the purpose of remedying a failure to perform its functions under Article 37(1) or to comply with the requirements of paragraph 6 of that Article, or to prevent any such failures.

Member States shall ensure that the public authority overseeing self-regulatory bodies performs its functions free of undue influence.

Member States shall also ensure that the staff of the public authority overseeing self-regulatory bodies are bound by professional secrecy requirements equivalent to those laid down in Article 67, and that they maintain high professional standards, including high professional standards of confidentiality and data protection, and are of high integrity. Member States shall ensure that the public authority overseeing self-regulatory bodies has in place procedures to prevent and manage conflicts of interest.

Member States may provide for effective, proportionate and dissuasive measures or sanctions for failures by self-regulatory bodies to comply with any request or instruction or other measure taken by the authority pursuant to paragraph 2 or 3.

Member States shall ensure that the public authority overseeing self-regulatory bodies informs the authorities competent for investigating and prosecuting criminal activities timely, directly or through the FIU, of any breaches which are subject to criminal sanctions that it detects in the performance of its tasks.

1. the number and nature of breaches detected by each self-regulatory body and the pecuniary sanctions imposed on or administrative measures applied to obliged entities;

2. the number of suspicious transactions reported by the obliged entities subject to supervision by each self-regulatory body to the FIU, whether submitted directly pursuant to Article 69(1) of Regulation (EU) 2024/1624, or forwarded by each self-regulatory body to the FIU pursuant to Article 70(1) of that Regulation;

3. the number and description of pecuniary sanctions and periodic penalty payments imposed or administrative measures applied under Section 4 of this Chapter by each self-regulatory body to ensure compliance by obliged entities with Regulation (EU) 2024/1624 referred to in Article 55(1) of this Directive;

4. the number and description of measures taken by the public authority overseeing self-regulatory bodies under this Article and the number of instructions issued to self-regulatory bodies.