Article 50AML/CFT supervisory colleges in the non-financial sector

1. Member States shall ensure that the non-financial supervisors in charge of the parent undertaking of a group of obliged entities in the non-financial sector or of the head office of an obliged entity in the non-financial sector are able to set up dedicated AML/CFT supervisory colleges in any of the following situations:

(a)

where an obliged entity in the non-financial sector, or a group 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 entity subject to AML/CFT requirements other than a credit institution or a financial institution has set up establishments in at least three Member States.

This paragraph shall also apply to structures which share common ownership, management or compliance control, including networks or partnerships to which group-wide requirements apply pursuant to Article 16 of Regulation (EU) 2024/1624.

The permanent members of the college shall be the non-financial supervisor in charge of the parent undertaking or of the head office and the non-financial supervisors in charge of establishments in host Member States or of supervision of that obliged entity in other Member States in the cases covered by Article 37(1), second subparagraph.

2. Member States shall ensure that where the non-financial supervisor in charge of the parent undertaking of a group or of the head office of an obliged entity does not set up a college, non-financial supervisors referred to in paragraph 1, second subparagraph, point (b), can submit an opinion that, having regard to the money laundering and terrorist financing risks to which the obliged entity or group is exposed and the scale of its cross-border activities, a college shall be set up. That opinion shall be submitted by at least two non-financial supervisors and addressed to:

(a)

the non-financial supervisor in charge of the parent undertaking of a group or of the head office of an obliged entity;

(b)

AMLA;

(c)

all other non-financial supervisors.

The article continues in the official text.