Joint report of the ESAs on withdrawal of approval for serious AML/CFT violations

The EBA, EIOPA and ESMA published a joint report "Joint ESAs Report on the withdrawal of authorization for serious breaches of AML/CFT rules" on 01.06.2022. This contains a comprehensive analysis of the completeness, adequacy and consistency of existing laws and practices for the withdrawal of authorization for serious breaches of anti-money laundering and counter-terrorist financing (AML/CFT) rules. 

The joint report advocates, among other things, the inclusion in all relevant EU sectoral legislation of a specific legal ground for the withdrawal of licenses in the event of serious violations of anti-money laundering and counter-terrorist financing rules. It also highlights the importance of adequately integrating anti-money laundering and counter-terrorism issues into prudential regulation and supervision, including in the proposal for the Markets in Crypto-Assets (MiCA) Regulation, which is currently under negotiation.