Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 103 Amendments to Regulation (EU) No 1093/2010
Summary What does Article 103 of the Anti-money laundering authority regulation (AMLAR) say?
This is a consequential amendment article, directly connected to the establishment of AMLA as the new AML/CFT authority.
It makes a series of targeted changes to the EBA's founding regulation, Regulation (EU) No 1093/2010, stripping out provisions that previously gave the EBA a role in AML/CFT matters and replacing them with references to the newly created Authority.
The overall effect is to formally transfer the AML/CFT mandate away from the EBA and to update the EBA's governance rules to reflect AMLA's existence, including requiring that a representative of AMLA be admitted to the EBA's Board of Supervisors when relevant matters are discussed.
Important points:
- The EBA's dedicated AML/CFT articles (Articles 9a and 9b of Regulation (EU) No 1093/2010) are deleted in full, reflecting the transfer of those functions to AMLA.
- The EBA's Board of Supervisors is required to admit a representative of AMLA as an observer when matters falling under AMLA's mandate are discussed or decided upon.
- Where a competent authority fails to act and EBA needs to address a financial institution directly on AML/CFT obligations, any such decision by the EBA must be in conformity with the formal opinion issued by the Commission.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
Regulation (EU) No 1093/2010 is amended as follows:
Article 1 is amended as follows:
in paragraph 2, the second subparagraph is deleted;
in paragraph 5, point (h) is deleted;
Article 4 is amended as follows:
point (1a) is deleted;
in point (2), point (iii) is deleted;
in Article 8(1), point (l) is deleted;
Articles 9a and 9b are deleted;
in Article 17, paragraph 6 is replaced by the following:
Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the formal opinion referred to in paragraph 4 of this Article within the period specified therein, and where it is necessary to remedy, in a timely manner, such non-compliance in order to maintain or restore neutral conditions of competition in the market or ensure the orderly functioning and integrity of the financial system, the Authority may, where the relevant requirements of the legislative acts referred to in Article 1(2) of this Regulation are directly applicable to financial institutions, adopt an individual decision addressed to a financial institution requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.
The decision of the Authority shall be in conformity with the formal opinion issued by the Commission pursuant to paragraph 4.’
in Article 19, paragraph 4 is replaced by the following:
Without prejudice to the powers of the Commission pursuant to Article 258 TFEU, where a competent authority does not comply with the decision of the Authority, and thereby fails to ensure that a financial institution complies with requirements directly applicable to it by virtue of the legislative acts referred to in Article 1(2) of this Regulation, the Authority may adopt an individual decision addressed to that financial institution requiring it to take all necessary action to comply with its obligations under Union law, including the cessation of any practice.’
in Article 33(1), the second subparagraph is deleted;
in Article 40(7), the first subparagraph is replaced by the following:
‘The Board of Supervisors may decide to admit observers. In particular, the Board of Supervisors shall admit a representative of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism established by Regulation (EU) 2024/1620 of the European Parliament and of the Council(47) where matters that fall under its mandate are discussed or decided upon.
in Article 81, paragraph 2b is deleted.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
crypto-asset services
Definition
supervisor
Definition
financial mixed activity holding company
Definition
crypto-asset service provider
Definition
credit institution
- a credit institution as defined in Article 4(1), point (1), of Regulation (EU) No 575/2013;
- a branch of a credit institution, as defined in Article 4(1), point (17), of Regulation (EU) No 575/2013, when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
crypto-asset
Definition
property
Definition
competent authority
- a Financial Intelligence Unit (FIU);
- a supervisory authority;
- a public authority that has the function of investigating or prosecuting money laundering, its predicate offences or terrorist financing, or that has the function of tracing, seizing or freezing and confiscating criminal assets;
- a public authority with designated responsibilities for combating money laundering or terrorist financing;
Definition
terrorist financing
Definition
money laundering
Definition
financial institution
- an undertaking other than a credit institution or an investment firm, which carries out one or more of the activities listed in points (2) to (12), (14) and (15) of Annex I to Directive 2013/36/EU of the European Parliament and of the Council(32), including the activities of currency exchange offices (bureaux de change), but excluding the activities referred to in point (8) of Annex I to Directive (EU) 2015/2366, or an undertaking the principal activity of which is to acquire holdings, including a financial holding company, a mixed financial holding company and a financial mixed activity holding company;
- an insurance undertaking as defined in Article 13, point (1), of Directive 2009/138/EC of the European Parliament and of the Council(33), insofar as it carries out life or other investment-related assurance activities covered by that Directive, including insurance holding companies and mixed-activity insurance holding companies as defined, respectively, in Article 212(1), points (f) and (g), of Directive 2009/138/EC;
- an insurance intermediary as defined in Article 2(1), point (3), of Directive (EU) 2016/97 where it acts with respect to life insurance and other investment-related insurance services, with the exception of an insurance intermediary that does not collect premiums or amounts intended for the customer and which acts under the responsibility of one or more insurance undertakings or intermediaries for the products which concern them respectively;
- an investment firm as defined in Article 4(1), point (1), of Directive 2014/65/EU of the European Parliament and of the Council(34);
- a collective investment undertaking, in particular:
- an undertaking for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC and its management company as defined in Article 2(1), point (b), of that Directive or an investment company authorised in accordance with that Directive and which has not designated a management company, that makes available for purchase units of UCITS in the Union;
- an alternative investment fund as defined in Article 4(1), point (a), of Directive 2011/61/EU and its alternative investment fund manager as defined in Article 4(1), point (b), of that Directive that fall within the scope set out in Article 2 of that Directive;
- a central securities depository as defined in Article 2(1), point (1), of Regulation (EU) No 909/2014 of the European Parliament and of the Council(35);
- a creditor as defined in Article 4, point (2), of Directive 2014/17/EU of the European Parliament and of the Council(36) and in Article 3, point (b), of Directive 2008/48/EC of the European Parliament and of the Council(37);
- a credit intermediary as defined in Article 4, point (5), of Directive 2014/17/EU and in Article 3, point (f), of Directive 2008/48/EC, when holding the funds as defined in Article 4, point (25), of Directive (EU) 2015/2366 in connection with the credit agreement, with the exception of the credit intermediary carrying out activities under the responsibility of one or more creditors or credit intermediaries;
- a crypto-asset service provider;
- a branch of a financial institution referred to in points (a) to (i), when located in the Union, whether its head office is located in a Member State or in a third country;
Definition
self-regulatory body
Definition
third country
Definition
funds
Definition
supervisory authority
Footnote 47