Article 49AML/CFT supervisory colleges in the financial sector

1. Member States shall ensure that dedicated AML/CFT supervisory colleges are set up by the financial supervisor in charge of the parent undertaking of a group of credit institutions or financial institutions or of the head office of a credit institution or financial institution in any of the following situations:

(a)

where a credit institution or a financial institution, including groups thereof, has set up establishments in at least two different Member States other than the Member State where its head office is located;

(b)

where a third-country credit institution or financial institution has set up establishments in at least three Member States.

2. The permanent members of the college shall be the financial supervisor in charge of the parent undertaking or of the head office, the financial supervisors in charge of establishments in host Member States and the financial supervisors in charge of infrastructure in host Member States pursuant to Article 38.

3. This Article shall not apply when AMLA acts as a supervisor.

4. The activities of the AML/CFT supervisory colleges shall be proportionate to the level of the money laundering and terrorist financing risks to which the credit institution or financial institution or the group is exposed, and to the scale of its cross-border activities.

5. For the purposes of paragraph 1, Member States shall ensure that financial supervisors identify:

(a)

all credit institutions or financial institutions that have been authorised in their Member State and that have establishments in other Member States or third countries;

(b)

all establishments set up by credit institutions or financial institutions in other Member States or third countries;

(c)

The article continues in the official text.