EU supervisors will be able to submit names of individuals to EuReCA, the European Banking Authority’s (EBA) central database on anti-money laundering (AML) and countering the financing of terrorism (CFT), from May 2024.
EuReCA contains information on serious AML/CFT deficiencies in individual financial institutions that have been identified by EU supervisors. It also contains information on the measures taken by supervisors to remedy these shortcomings.
If a serious deficiency or a measure is linked to a natural person, for example a customer or a beneficial owner, supervisors will be able to communicate this information to EuReCA. Supervisors can also report the name of a member of the management body or a key function holder in a financial institution, if necessary, as a lack of honesty or integrity may cause or lead to serious problems in a financial institution’s governance arrangements, business model or activities, and thus weaken the institution’s AML/CFT defences. (Original version in French by Anne Damiani)