On 6 May 2021, the European Banking Authority (EBA) issued a consultation on draft regulatory technical standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU. The database will be a key tool for the EBA’s recently enhanced mandate to lead, coordinate and monitor AML/CFT efforts in the EU.
The proposed RTSs have been developed pursuant to the mandates conferred on the EBA in Articles 9a(1) and (3) of the EBA Regulation. As part of the mandate to lead, coordinate and monitor AML/CFT in Europe, the Articles require the EBA to develop two RTSs to establish and keep up to date an AML/CFT central database. The mandate foresees the AML/CFT central database containing information on AML/CFT weaknesses that have been identified by Member State competent authorities and on the measures taken by them in response to those material weaknesses. Given the complementary character of those RTS, the EBA has drafted them as a single instrument.
The draft RTS proposed in the consultation specify the materiality of weaknesses, the type of information collected, the practical implementation of the information collection and the analysis and dissemination of the information contained therein. It also set out the rules to ensure confidentiality of data and the efficiency of the database. The draft RTS proposed in the consultation specify the articulation with other notifications and the provisions to ensure confidentiality and data protection.
The deadline for comments on the consultation is 17 June 2021.