The NCAs’ duty of assistance and the ECB’s duty of diligence when assessing AML-CFT aspects relevant for the ECB’s supervisory tasks.
Article 6(3) of the SSM Regulation provides for the general responsibility of national competent authorities (NCAs) to assist the ECB in relation to the tasks conferred on it by the SSM Regulation. The assistance provided by NCAs is particularly important in the field of common procedures, especially regarding less significant credit institutions, as well as the assessment of aspects related to anti-money laundering/combatting the financing of terrorism (AML-CFT), as the prevention of the use of the financial system for the purposes of money laundering is not within the SSM remit. The judgement of the General Court of 6 October 2021 in joined cases T-351/18 and T-584/18 (Ukrselhosprom PCF LLC and Versobank AS v European Central Bank) provides important clarifications on the division of powers between the ECB and NCAs regarding the withdrawal of authorisations for the infringement of AML-CFT requirements. The panel will discuss the scope of the ECB’s powers to assess matters related to AML-CFT requirements, as well as how the ECB ensures compliance with the duty of diligence when relying on assessments made by NCAs or competent authorities on AML-CFT related matters, and the practical difficulties that the ECB may encounter when implementing this approach.
Chair:
- Carmen Hernandez, Head of Section, Legal Services, European Central Bank
Panellists:
- Giorgia Marafioti, Senior Legal Counsel, Legal Services, European Central Bank
- Rafael Martín Lozano, Legal Counsel, Legal Department, Banco de España
- Audrone Steiblyte, Member of Legal Service, European Commission
Discussion with questions from the audience.
