FantasticSearch

1. In the case of credit institutions and financial institutions that are part of a group, Member States shall ensure that, for the purposes laid down in Article 37(1), financial supervisors of the home Member State and those of the host Member State cooperate with each other to the greatest extent possible, regardless of their respective nature or status. They shall also cooperate with AMLA when acting as a supervisor.

2. Except when AMLA acts as a supervisor, Member States shall ensure that the financial supervisors of the home Member State supervise the effective implementation of the group-wide policies, procedures and controls referred to in Chapter II, Section 2, of Regulation (EU) 2024/1624. Member States shall also ensure that financial supervisors of the host Member State supervise the compliance of the establishments located in the territory of their Member State with Regulations (EU) 2024/1624 and (EU) 2023/1113.

3. For the purposes of this Article, and except in cases where AML/CFT supervisory colleges are set up in accordance with Article 49, Member States shall ensure that financial supervisors provide one another with any information they require for the exercise of their supervisory tasks, whether on request or on their own initiative. In particular, financial supervisors shall exchange any information that could significantly influence the assessment of the inherent or residual risk exposure of a credit institution or financial institution in another Member State, including:

(a) identification of the group’s legal, governance and organisational structure, covering all subsidiaries and branches;

(b) relevant information on the beneficial owners and senior management, including outcomes of fit and proper checks, whether carried out under this Directive or under other Union legal acts;

(c) policies, procedures and controls in place within the group;

(d) customer due diligence information, including customer files and records of transactions;

(e) adverse developments in relation to the parent undertaking, subsidiaries or branches, which could seriously affect other parts of the group;

(f) pecuniary sanctions that financial supervisors intend to impose and administrative measures that financial supervisors intend to apply in accordance with Section 4 of this Chapter. Member States shall also ensure that financial supervisors are able to conduct, within their powers, inquiries on behalf of a requesting supervisor, and to share the information obtained through such inquiries, or to facilitate the conduct of such inquiries by the requesting supervisor.

4. By 10 July 2026, AMLA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall detail the respective duties of the home and host supervisors, and the modalities of cooperation between them. Power is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 49 to 52 of Regulation (EU) 2024/1620.

5. Financial supervisors may refer to AMLA any of the following situations:

(a) where a financial supervisor has not communicated the information referred to in paragraph 3;

(b) where a request for cooperation has been rejected or has not been acted upon within a reasonable time;

(c) where there is a disagreement on the basis of objective reasons on breaches identified and on the pecuniary sanctions to be imposed or administrative measures to be applied on the entity or group to remedy those breaches. AMLA may act in accordance with the powers conferred on it under Article 33 of Regulation (EU) 2024/1620. When doing so, AMLA shall provide its opinion on the subject-matter of the request within 1 month.

6. Member States shall ensure that this Article also applies to the supervision of:

(a) groups of obliged entities in the non-financial sector;

(b) obliged entities operating under the freedom to provide services without any infrastructure in another Member States than the Member State where they are established, where the supervision of activities in that other Member State is carried out by the supervisors of that other Member State pursuant to Article 37(1), second subparagraph. Where the situations referred to in paragraph 5 arise in relation to non-financial supervisors, AMLA may act in accordance with the powers conferred on it under Article 38 of Regulation (EU) 2024/1620. Member States shall also ensure that in cases where obliged entities in the non-financial sector are part of structures which share common ownership, management or compliance control, including networks or partnerships, non-financial supervisors cooperate and exchange information.