Background
1. 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.
2. The EBA will set up a central AML/CFT database based on mandates conferred on the EBA under Article 9a(1) and (3) of the revised EBA Regulation.
3. Those mandates are the following:
a. "(…) the Authority shall develop draft regulatory technical standards specifying the definition of weaknesses (…), including the corresponding situations where weaknesses may occur, the materiality of weaknesses and the practical implementation of the information collection by the Authority as well as the type of information that should be provided (…). In developing those technical standards, the Authority shall consider the volume of the information to be provided and the need to
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