Art. 5

32024R1620 → 02024R1620-20251110

Article 5 Tasks 1. The Authority shall perform the following tasks with respect to ML/TF risks facing the internal market: (a) monitor developments across the internal market and assess threats, vulnerabilities and risks in relation to ML/TF; (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; (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; (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; (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; (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; (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; (h) issue publications and provide training, as well as other services on demand, in order to raise awareness of, and address, ML/TF risks; (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; (j) undertake any other specific task set out in this Regulation or in the other legislative acts referred to in Article 1(2). 1(2); (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: (i) remove redundant or obsolete reporting requirements and minimise costs while preserving data usability and quality; (ii) ensure proportionate and consistent reporting requirements; and (iii) address regulatory gaps related to reporting requirements. 2. The Authority shall perform the following tasks with respect to selected obliged entities: (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 … 935 unchanged words … 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.