Draft cost-benefit analysis/impact assessment
I. Introduction
1. The EBA leads, coordinates and monitors the EU financial sector's fight against money laundering and terrorist financing (ML/TF) and in that context has been mandated to establish and keep up to date an AML/CFT central database [Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation(EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority).]. The database will serve the EBA to fulfil this threefold mandate. Firstly, the database would be useful to strengthen the cooperation between competent authorities by sharing information (either through requests or on the EBA's own initiative). Secondly the database will serve as an early warning tool that prompt competent authorities to take action and address ML/TF risks in a timely manner, before they crystalize. Thirdly, the EBA will use the database to lead the identification of ML/TF risk
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