AMLA Regulation

(29) The Authority should have the power to require actions, internal to an entity, to enhance the compliance of obliged entities with the AML/CFT framework, including reinforcement of internal procedures and changes in the governance structure, going as far as removal of members of the management body, without prejudice to the powers of other relevant supervisory authorities of the same selected obliged entity. Following findings related to non-compliance or partial compliance with applicable requirements by the selected obliged entity, it should be able to impose specific measures or procedures for particular clients or categories of clients who pose high ML/TF risks. On-site inspections should be a regular feature of such supervision and could be performed by dedicated teams. If a specific type of on-site inspection, for instance with respect to a natural person where the business premises are the same as the person’s private residence, requires authorisation by the national judicial authority, such authorisation should be applied for by the Authority.