AMLA consults on draft RTS for an EU-wide AML/CFT database

The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has published a consultation on draft regulatory technical standards (RTS) for a central EU-wide anti-money laundering and countering the financing of terrorism (AML/CFT) database. The database will act as a single platform through which supervisory authorities can report and access information on supervised entities, supervisors and supervisory activities. It is intended to support the exchange of supervisory information across the EU and to make AML/CFT supervision more targeted, risk-based and effective. To keep the reporting burden low, the draft RTS draw primarily on data that supervisors already hold or will collect in any event, so the database should impose no additional reporting costs on obliged entities.

AMLA proposes that supervisory authorities transmit the following information in relation to:

• Supervisory authorities and self-regulatory bodies: their powers and tasks; statistics on resources and staffing; and the supervisory activities they carry out.
• Obliged entities: money laundering and terrorist financing risks; sanctions, administrative measures and periodic penalty payments; and authorisations, withdrawal of authorisations and fit and proper assessments.

The draft RTS also include provisions on measures on data quality, confidentiality and the onward sharing of information contained in the database. AMLA proposes a phased implementation so that supervisors have time to adapt to the new requirements. Stakeholders are invited to give their views at a public hearing on 3 November.

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