Source: OJ L, 2024/1620, 19.6.2024Current language: EN
- Anti-money laundering
Basic legislative acts
- Anti-money laundering authority regulation (AMLAR)
Article 36 Coordination and facilitation of the work of AML/CFT supervisory colleges in the non-financial sector
Summary What does Article 36 of the Anti-money laundering authority regulation (AMLAR) say?
This article is the non-financial sector counterpart to Article 31, which covers AML/CFT supervisory colleges in the financial sector.
Here, the Authority is given a supporting and facilitative role in the setting up and functioning of supervisory colleges for non-financial obliged entities that operate across multiple Member States.
Crucially, the Authority acts in an assistive capacity alongside the relevant non-financial supervisors, whose own powers under Directive (EU) 2024/1640 are explicitly preserved.
The article enumerates a range of tools available to the Authority, from suggesting the creation of a college where none exists, to mediating between supervisors and facilitating joint inspections.
Important points:
- The Authority is granted full participation rights in AML/CFT supervisory colleges in the non-financial sector, but its broader involvement in joint activities requires the agreement of the non-financial supervisors concerned.
- The Authority can suggest the establishment of a new supervisory college where it considers that an obliged entity's ML/TF risk exposure and cross-border activity justify one.
- The Authority's staff participation in on-site inspections excludes certain categories of obliged entities, specifically those covered by Article 3, point (3)(a) and (b), of Regulation (EU) 2024/1624.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
The Authority shall, within the scope of its powers and without prejudice to the powers of the relevant non-financial supervisors pursuant to Article 50 of Directive (EU) 2024/1640, assist in the setting up and functioning of AML/CFT supervisory colleges in the non-financial sector for obliged entities in the non-financial sector operating establishments in several Member States in accordance with that Article.
For the purposes of paragraph 1, the Authority may:
suggest the establishment of a college where no such college has been established even though the Authority considers that the ML/TF risk exposure of the obliged entity and the scale of its cross-border activities justify the establishment of a college, and the convocation and organisation of college meetings;
assist in the organisation of college meetings and in the assessment of whether the conditions for the participation of third-country supervisors in the college are met, where requested by the relevant non-financial supervisors;
assist in the organisation of joint supervisory plans and joint on-site inspections or off-site investigations;
assist the non-financial supervisors in the collection and sharing of all relevant information in order to facilitate the work of the college and make such information accessible to the supervisors in the college;
promote effective and efficient supervisory activities and practices, including evaluating the risks to which obliged entities in the non-financial sector are or might be exposed;
provide assistance to non-financial supervisors, upon their specific requests, including requests to mediate between non-financial supervisors in the situations covered by Article 50(2) and (3) of Directive (EU) 2024/1640.
For the purposes of paragraph 1, the staff of the Authority shall have full participation rights in AML/CFT supervisory colleges. Upon the agreement of the non-financial supervisors concerned, the staff of the Authority shall be able to participate in the activities of the college carried out jointly by two or more non-financial supervisors, including on-site inspections of obliged entities in the non-financial sector, except those covered by Article 3, point (3)(a) and (b), of Regulation (EU) 2024/1624.
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
establishment
- a branch or subsidiary;
- in the case of credit institutions and financial institutions, an infrastructure qualifying as an establishment under prudential regulation;
Definition
property
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
third country
Definition
funds