ESAs: Report on the withdrawal of authorization for serious breaches of AML/CFT rules
On 1st of June, the European Supervisory Authorities (EBA, EIOPA and ESMA – jointly called ESAs) published a report on the withdrawal of authorization for serious breaches of AML/CFT rules. This report provides a comprehensive analysis on the completeness, adequacy and uniformity of the applicable laws and practices on the withdrawal of license for serious breaches of the rules of anti-money laundering and countering the financing of terrorism (AML/CFT).
The joint Report highlights the importance of the appropriate integration of AML/CFT issues into prudential regulation and supervision, including in the proposal for the Markets in Crypto-Assets Regulation (MiCA), currently under negotiation.
In this alert, you will read more highlights from the report and conclusions.