Text as of 26 Jun 2024 · Original act (Official Journal of 19 June 2024) · Same wording as today’s text.Today’s text
Article 21 — Administrative measures
Financial crime★Level 1RegulationAMLAApplies from 1 Jul 2025In force, but its rules apply only from the date shown.·VerifiedIdentical to the official source.·Official source
1.For the purpose of carrying out its tasks referred to in Article 5(2), the Authority shall have the power to apply the administrative measures set out in paragraphs 2 and 3 of this Article to require any selected obliged entity to take the necessary measures where:
(b)the Authority has sufficient and demonstrable indications that the selected obliged entity is likely to breach the Union acts and national legislation referred to in Article 1(2) and the application of an administrative measure can prevent the occurrence of the breach or reduce the risk thereof;
(c)based on a duly justified determination by the Authority, the internal policies, procedures and controls in place in the selected obliged entity are not commensurate to the risks of money laundering, its predicate offences or terrorist financing to which the selected obliged entity is exposed.
(e)restrict or limit the business, operations or network of institutions comprising the selected obliged entity, or require the divestment of activities;
(g)where a selected obliged entity is subject to authorisation, propose the withdrawal or suspension of that authorisation to the authority that has granted it; where the authority which has granted that authorisation does not follow the Authority’s proposal to suspend or withdraw, the Authority shall request it to provide the reasons thereof in writing.
(a)require the provision of any data or information necessary for the fulfilment of tasks listed in Article 5(2) without undue delay, require the submission of any document, or impose additional or more frequent reporting requirements;
(c)require the application of a specific policy or requirements relating to categories of, or individual, clients, transactions, activities or delivery channels that pose high ML/TF risks;
(e)temporarily ban any person exercising managerial responsibilities in the selected obliged entity, or any other natural person held responsible for the breach, from exercising managerial functions in obliged entities.
4.The administrative measures referred to in paragraph 2 shall be accompanied, where relevant, by binding deadlines for their implementation. The Authority shall follow up and assess the implementation by the selected obliged entity of the actions requested.
5.Financial supervisors shall notify the Authority without undue delay where they become aware of one or more indications that a selected obliged entity has breached Regulation (EU) 2023/1113 or Regulation (EU) 2024/1624.