The EBA is mandated to lead, coordinate and monitor the EU financial sector's fight against money laundering and terrorist financing (ML/TF). As part of this mandate, the EBA has to establish and keep up to date a central anti-money laundering and countering the financing of terrorism (AML/CFT) database. The mandate foresees for the central AML/CFT database to contain information on AML/CFT weaknesses that have been identified by competent authorities and on the measures taken by them in response to those material weaknesses.
The central AML/CFT database will be based on a mandate conferred onto the EBA under Article 9a(1) and (3) of the EBA Regulation, which is to develop two regulatory technical standards (RTS). Given the complementary character of those RTSs, the EBA has drafted them as a single instrument.
The draft RTS proposed in this Consultation Paper specify the materiality of weaknesses, the type of information collected, the practical implementation of the information collec
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