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EuReCA! Draft Regulatory Technical Standards on the AML/CFT database

In December, we published our draft Regulatory Technical Standards (RTS) on a central database on AML/CFT in the EU, also known as the European reporting system for material CFT/AML weaknesses (EuReCA). This database will act as an early warning tool, helping competent authorities to take action before ML/TF risk materialise, and to coordinate their efforts to prevent and counter ML/TF in the Union.

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date:  20/12/2021

The RTS specify the type of information competent authorities are to report, and how the information in EuReCa is collected, contained, analysed and disseminated. They also set out the rules necessary to ensure confidentiality, protection of personal data and the effectiveness of EuReCa. Once approved by the European Commission, the provisions in this regulation will be directly applicable in all Member States.