AMLA Regulation

1. The Authority may, as appropriate, develop:

(a) new practical instruments and convergence tools to promote common supervisory approaches and best practices;

(b) practical tools and methods for mutual assistance following:

(i) specific requests from supervisory authorities;

(ii) referral of disagreements between supervisory authorities on the measures to be taken jointly by several supervisory authorities in relation to an obliged entity.

2. The Authority shall facilitate and encourage at least the following activities:

(a) sectoral and cross-sectoral training programmes, including with respect to technological innovation;

(b) exchanges of staff and the use of secondment schemes, twinning and short-term visits;

(c) exchanges of supervisory best practices between supervisory authorities where one authority has developed expertise in a specific area of AML/CFT supervisory practices.

3. Each supervisory authority may submit a request for mutual assistance related to its supervisory tasks to the Authority, specifying the type of assistance it seeks from the staff of the Authority, the staff of one or more supervisory authorities, or a combination thereof. If the request concerns activities that relate to the supervision of specific obliged entities, the requesting supervisory authority shall transmit to the Authority the information and data necessary for the provision of assistance. The Authority shall keep and regularly update the information on specific areas of expertise and on the capacities of supervisory authorities to provide mutual assistance related to their supervisory tasks.

4. Where the Authority is requested to provide assistance for the performance of specific supervisory tasks at national level in relation to obliged entities other than selected obliged entities, the requesting supervisory authority shall detail, in its request, the tasks for which support is sought. The assistance shall not be construed as the transfer, from the requesting supervisory authority to the Authority, of supervisory tasks, powers, or accountability for the supervision of obliged entities other than selected obliged entities.

5. Where the Authority is of the opinion that the request is appropriate and feasible, it shall make every effort to provide the requested assistance, including by mobilising its own human resources as well as by ensuring that supervisory authorities mobilise resources on a voluntary basis.

6. By the end of each year, the Chair of the Authority shall inform the General Board in supervisory composition of the human resources that the Authority will allocate to providing the assistance requested under paragraph 3 of this Article during the following year. Where the availability of human resources changes due to the performance of any of the tasks referred to in Article 5(2), (3) and (4), the Chair of the Authority shall inform the General Board in supervisory composition thereof.

7. Any interaction between the staff of the Authority and the obliged entity shall remain under the exclusive responsibility of the supervisory authority responsible for the supervision of that entity. Such interaction shall not be construed as a transfer of tasks or powers related to individual obliged entities within the AML/CFT supervisory system.