In a recent report on the revocation of bank authorisation for serious AML/CFT violations, ESAs:
- call for the inclusion of adequacy of arrangements and processes to ensure AML/CFT compliance among the licence authorization requirements;
- underline the importance of adequate integration of AML/CFT issues in the proposed MiCA Regulation;
- clarify that revocation of licenses should be considered as a measure of last resort, subject to a discretionary and proportionality assessment;
- establish uniform criteria for the notion of a “serious violation” of AML/CFT rules, emphasizing that it is subject to a case-by-case assessment by competent NCA(s);and
- provide a preliminary analysis of the interaction between serious violations of AML/CFT rules with the crisis management and resolution regime, as well as for an initial mapping of critical operational and regulatory issues.
Joint ESAs’ Report on the withdrawal of authorisation for serious breaches of AML/CFT rules of 31 May 2022 no. 23