The EBA has a legal duty to contribute to preventing the use of the EU's financial system for money laundering and terrorist financing (ML/TF) purposes and to lead, coordinate and monitor the EU financial sector's fight against ML/TF. As part of this, Article 9 a(1) and (3) of the EBA Regulation confer on the EBA a mandate to establish and keep up to date a central anti-money laundering and countering the financing of terrorism (AML/CFT) database.
In line with the legal mandate, the central AML/CFT database will contain information on material AML/CFT weaknesses in financial sector operators that competent authorities have identified. It will also contain information on the measures competent authorities have taken in response to those material weaknesses. The draft regulatory technical standards (RTS) in this report specify when weaknesses are material, the type of information competent authorities have to report, how information will be collected and how the EBA will analyse and diss
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