Text as of 9 Jul 2024 · Directive (EU) 2024/1640, OJ L, 2024/1640, 19.6.2024 · Same wording as today’s text.Today’s text
Article 52 — Oversight of self-regulatory bodies
Financial crime★Level 1DirectiveAMLD6In forceIn force on the date shown, by the dates in the Official Journal.·VerifiedIdentical to the official source.·Official source
1.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.
2.The public authority overseeing self-regulatory bodies shall be responsible for ensuring an adequate and effective supervisory system for the obliged entities referred to in Article 3, points (3)(a) and (b), of Regulation (EU) 2024/1624, including by:
(a)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;
(d)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);
(e)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.
3.Member States shall ensure that the public authority overseeing self-regulatory bodies is granted adequate powers to discharge its responsibilities under paragraph 2. As a minimum, Member States shall ensure that the public authority has the power to:
(a)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;
(b)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.
When issuing instructions to a self-regulatory body in accordance with point (b) of the first subparagraph, the public authority shall consider any relevant guidance it provided or that has been provided by AMLA.
4.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.
5.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.
6.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.
(a)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;
(b)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;
(c)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;
(d)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.
The report referred to in the first subparagraph shall be made available on the website of the public authority overseeing self-regulatory bodies and submitted to the Commission and AMLA.