Article 5 — Tasks
Financial crimeLevel 1RegulationAMLAIn forceIn force on the date shown, by the dates in the Official Journal.VerifiedIdentical to the official source.Official source
5(1)Copy link
1.The Authority shall perform the following tasks with respect to ML/TF risks facing the internal market:
5(1)(a)
(a)monitor developments across the internal market and assess threats, vulnerabilities and risks in relation to ML/TF;
Copy link5(1)(b)
(b)monitor developments in third countries and assess threats, vulnerabilities and risks in relation to their AML/CFT systems that have an actual or potential impact on the internal market;
Copy link5(1)(c)
(c)collect and analyse information, from its own supervisory activities and those of the supervisors and supervisory authorities, on weaknesses identified in the application of AML/CFT rules by obliged entities, the risk exposure of obliged entities, the sanctions imposed and the remedial actions taken;
Copy link5(1)(d)
(d)establish a central AML/CFT database of information collected from supervisory authorities or stemming from the Authority’s activities, and keep it up to date;
Copy link5(1)(e)
(e)analyse the information collected in the central database and share those analyses with supervisors, supervisory authorities and non-AML/CFT authorities on a need-to-know and confidential basis;
Copy link5(1)(f)
(f)support the analysis of risks of ML/TF and of non-implementation and evasion of targeted financial sanctions affecting the internal market, referred to in Article 7 of Directive (EU) 2024/1640;
Copy link5(1)(g)
(g)support, facilitate and strengthen cooperation and exchange of information between obliged entities and supervisors, supervisory authorities and non-AML/CFT authorities in order to develop a common understanding of ML/TF risks and threats facing the internal market, including by participating in partnerships for information sharing in the field of AML/CFT;
Copy link5(1)(h)
(h)issue publications and provide training, as well as other services on demand, in order to raise awareness of, and address, ML/TF risks;
Copy link5(1)(i)
(i)report to the Commission any instances where the Authority, in the performance of its tasks, discovers that a Member State has transposed Directive (EU) 2024/1640 incorrectly or incompletely;
Copy link5(1)(j)
(j)undertake any other specific task set out in this Regulation or in the other legislative acts referred to in Article 1(2);
Copy link5(1)(k)
(k)assist the Commission in reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, review the application of the guidelines and recommendations issued by the Authority and propose amendments, where appropriate, including amendments to:
Copy link5(1)(k)(i)
(i)remove redundant or obsolete reporting requirements and minimise costs while preserving data usability and quality;
Copy link5(2)Copy link
2.The Authority shall perform the following tasks with respect to selected obliged entities:
5(2)(a)
(a)ensure compliance of the selected obliged entities with the requirements applicable to them pursuant to Regulation (EU) 2024/1624 and Regulation (EU) 2023/1113, including obligations related to the implementation of targeted financial sanctions;
Copy link5(2)(b)
(b)carry out supervisory reviews and assessments at the level of individual entities and at group-wide level in order to determine whether the internal policies, procedures and controls put in place by the selected obliged entities are adequate to comply with the requirements applicable to them, and on the basis of those supervisory reviews and assessments impose specific requirements, apply administrative measures and impose pecuniary sanctions and periodic penalty payments pursuant to Articles 21, 22 and 23;
Copy link5(2)(c)
(c)participate in group-wide supervision, in particular in AML/CFT supervisory colleges, including where a selected obliged entity is part of a group that has headquarters, subsidiaries or branches outside the Union;
Copy link5(2)(d)
(d)develop and keep up to date a system to assess the risks and vulnerabilities of the selected obliged entities, in order to inform the supervisory activities of the Authority and the supervisory authorities, including through the collection of data from those entities by means of structured questionnaires and other online or offline tools.
Copy link5(3)Copy link
3.The Authority shall perform the following tasks with respect to financial supervisors:
5(3)(b)
(b)carry out periodic assessments to ensure that all financial supervisors have adequate resources, powers and strategies necessary for the performance of their tasks in the area of AML/CFT, and make the results of such assessments available;
Copy link5(3)(c)
(c)take, in response to a request by financial supervisors for the Authority to assume direct supervision or on the Authority’s own initiative, appropriate measures in exceptional circumstances requiring the Authority’s intervention and related to non-selected obliged entities’ compliance or risk exposure;
Copy link5(3)(d)
(d)facilitate the functioning of the AML/CFT supervisory colleges in the financial sector;
Copy link5(3)(e)
(e)contribute, in collaboration with financial supervisors, to the convergence of supervisory practices and the promotion of high supervisory standards in the area of AML/CFT, including in relation to verification of compliance with AML/CFT requirements related to targeted financial sanctions;
Copy link5(3)(f)
(f)coordinate staff and information exchanges among financial supervisors in the Union in the area of AML/CFT;
Copy link5(3)(g)
(g)provide assistance, in the area of AML/CFT, to financial supervisors, following their specific requests, including requests to mediate between financial supervisors;
Copy link5(3)(h)
(h)settle, with binding effect, disagreements between financial supervisors concerning the measures to be taken in relation to an obliged entity, including in the context of AML/CFT supervisory colleges, following a specific request as referred to in point (g).
Copy link5(4)Copy link
4.The Authority shall perform the following tasks with respect to non-financial supervisors:
5(4)(b)
(b)coordinate peer reviews of supervisory standards and practices in the area of AML/CFT;
Copy link5(4)(c)
(c)in the area of AML/CFT, investigate potential breaches or non-application of Union law by non-financial supervisors and public authorities overseeing self-regulatory bodies, issue recommendations on how to remedy the identified breaches and, where the supervisors or public authorities do not comply with the recommendations, issue warnings identifying the measures to be implemented to mitigate the effects of the breach;
Copy link5(4)(d)
(d)carry out periodic reviews to ensure that all non-financial supervisors have adequate resources and powers necessary for the performance of their tasks in the area of AML/CFT;
Copy link5(4)(e)
(e)contribute to the convergence of supervisory practices and the promotion of high supervisory standards in the area of AML/CFT;
Copy link5(4)(f)
(f)facilitate the functioning of AML/CFT supervisory colleges in the non-financial sector;
Copy link5(4)(g)
(g)provide assistance to non-financial supervisors, following their specific requests, such as requests to mediate between non-financial supervisors in the event of a disagreement on the measures to be taken in relation to an obliged entity, including in the context of AML/CFT supervisory colleges.
Copy linkWhere supervision of specific sectors is delegated at national level to self-regulatory bodies, the Authority shall exercise the tasks set out in the first subparagraph in relation to supervisory authorities overseeing the activities of those bodies.
5(5)Copy link
5.The Authority shall perform the following tasks with respect to FIUs and their activities in Member States:
5(5)(b)
(b)monitor changes in the legal framework of FIUs, as well as in their organisation, focusing on resources for the performance of their tasks;
Copy link5(5)(c)
(c)support the work of FIUs and contribute to improved cooperation and coordination between FIUs;
Copy link5(5)(d)
(d)contribute to the identification and the selection of relevant cases for the conduct of joint analyses by FIUs;
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(e)develop appropriate methods and procedures for the conduct of joint analyses by FIUs of cross-border cases;
Copy link5(5)(f)
(f)set up, coordinate, organise and facilitate the conduct of joint analyses carried out by FIUs;
Copy link5(5)(g)
(g)provide assistance to FIUs, upon their specific requests, such as requests for mediation in the case of a disagreement between FIUs;
Copy link5(5)(h)
(h)conduct peer reviews of the activities of FIUs aimed at strengthening their consistency and effectiveness and identifying best practices;
Copy link5(5)(i)
(i)develop and make available to FIUs tools and services to enhance their analysis capabilities, as well as IT and artificial intelligence services and tools for secure information sharing, including by hosting FIU.net;
Copy link5(5)(j)
(j)develop, share and promote expert knowledge on detection, analysis, and dissemination methods of suspicious transactions;
Copy link5(5)(k)
(k)at the request of FIUs, provide them with specialised training and assistance, including through the provision of financial support, within the scope of the Authority’s objectives and in accordance with the staffing and budgetary resources at its disposal;
Copy link5(5)(l)
(l)support, at the request of FIUs, their interaction with obliged entities by providing expert knowledge to obliged entities, including improving their awareness and procedures to detect suspicious activities and transactions and their reporting to the FIUs;
Copy link5(5)(m)
(m)prepare and coordinate assessments and strategic analyses of ML/TF threats, risks and methods identified by FIUs.
Copy link5(6)Copy link
6.For the purpose of carrying out the tasks conferred on it by this Regulation, the Authority shall apply all relevant Union law, and where that Union law is composed of directives, the national legislation transposing those directives. Where the applicable law is composed of regulations, and where currently those regulations expressly grant options for Member States, the Authority shall apply also the national legislation exercising those options.