On 31 May 2022, the European Supervisory Authorities (ESAs) published a joint report on the withdrawal of authorisation for serious breaches of anti-money laundering / countering the financing of terrorism (AML/CFT) rules.

Objective 5 of the EU’s 2018 Council Action Plan on AML required the ESAs and Member State prudential and AML supervisors to clarify aspects to the withdrawal of authorisation. The report now published examines the action points articulated in objective 5 of the Council Action Plan on AML and identifies areas where the framework could be improved in relation to some sectoral acts or areas where additional analysis is needed. In respect of the notion of serious breach of AML/CFT the elements for a uniform interpretation are put forward.

Based on findings collected for the purposes of the report, in the past 10 years Member State competent authorities have withdrawn the authorisation (or registration) from financial entities for serious breaches of AML/CFT rules in 26 cases, alone or in combination with other grounds.