Article 21 Administrative measures

1. the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; is found to be in breach of the Union acts and national legislation referred to in Article 1(2);

2. the Authority has sufficient and demonstrable indications that the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; is likely to breach the Union acts and national legislation referred to in Article 1(2) and the application of an administrative measure can prevent the occurrence of the breach or reduce the risk thereof;

3. based on a duly justified determination by the Authority, the internal policies, procedures and controls in place in the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; are not commensurate to the risks of money launderingmeans the conduct set out in Article 3, paragraphs 1 and 5, of Directive (EU) 2018/1673 including aiding and abetting, inciting and attempting to commit that conduct, whether the activities which generated the property to be laundered were carried out on the territory of a Member State or on that of a third country; knowledge, intent or purpose required as an element of that conduct may be inferred from objective factual circumstances;, its predicate offences or terrorist financingmeans the conduct set out in Article 11 of Directive (EU) 2017/541 including aiding and abetting, inciting and attempting to commit that conduct, whether carried out on the territory of a Member State or on that of a third country; knowledge, intent or purpose required as an element of that conduct may be inferred from objective factual circumstances; to which the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; is exposed.

1. issue recommendations;

2. order obliged entities to comply, including to implement specific corrective measures;

3. issue a public statement which identifies the natural or legal person and the nature of the breach;

4. issue an order requiring the natural or legal person to cease the conduct and to desist from repetition of that conduct;

5. restrict or limit the business, operations or network of institutions comprising the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13;, or require the divestment of activities;

6. require changes in the governance structure;

7. where a selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; is subject to authorisation, propose the withdrawal or suspension of that authorisation to the authority that has granted it; where the authority which has granted that authorisation does not follow the Authority’s proposal to suspend or withdraw, the Authority shall request it to provide the reasons thereof in writing.

1. require the provision of any data or information necessary for the fulfilment of tasks listed in Article 5(2) without undue delay, require the submission of any document, or impose additional or more frequent reporting requirements;

2. require the reinforcement of the internal policies, procedures and controls;

3. require the application of a specific policy or requirements relating to categories of, or individual, clients, transactions, activities or delivery channels that pose high ML/TF risks;

4. require the implementation of measures to decrease the ML/TF risks in the activities and products of selected obliged entitiesmeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13;;

5. temporarily ban any person exercising managerial responsibilities in the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13;, or any other natural person held responsible for the breach, from exercising managerial functions in obliged entities.

The administrative measures referred to in paragraph 2 shall be accompanied, where relevant, by binding deadlines for their implementation. The Authority shall follow up and assess the implementation by the selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; of the actions requested.

Financial supervisorsmeans the body entrusted with responsibilities aimed at ensuring compliance by obliged entities with the requirements of this Regulation, including AMLA when performing the tasks entrusted to it in Article 5(2) of Regulation (EU) 2024/1620; shall notify the Authority without undue delay where they become aware of one or more indications that a selected obliged entitymeans a credit institution, a financial institution, or a group of credit institutions or financial institutions at the highest level of consolidation in the Union in accordance with applicable accounting standards, which is under direct supervision by the Authority pursuant to Article 13; has breached Regulation (EU) 2023/1113 or Regulation (EU) 2024/1624.

The administrative measures applied shall be effective, proportionate and dissuasive.