Art. 7 Notification of the decision to selected obliged entities | ITS on cooperation for the purposes of direct supervision | AML

1. Following the selection process referred to in Article 13 of Regulation (EU) 2024/1620, and after informing the 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;, the Authority shall, without undue delay, notify each selected obliged entity of the decision resulting from the selection process in respect of that selected obliged entity.
2. The Authority shall concomitantly communicate this outcome to the relevant non-AML/CFT authorities pursuant to Article 13(5) of Regulation (EU) 2024/1620.
1. The notification referred to in paragraph 1 shall:
  1. be provided in writing;
  2. set out the rights and obligations of the selected obliged entity stemming from the decision;
  3. explain how any pending supervisory procedures or investigations involving the selected obliged entity are to be taken forward;
  4. indicate the contact point and time limit for submitting technical observations or proposed minor factual corrections with respect to the draft decision;
  5. indicate the contact point and time limit for requesting the substantive review, specifying the applicable due process rights of the selected obliged entity, including the form in which the right to be heard may be exercised, the right to legal representation, the choice of language and the right to access the case file; such due process rights may be specified by way of reference to the relevant AMLA framework decision;
  6. refer to the right to request a judicial review.
2. The Authority shall not be obliged to take into account technical observations of requests for substantive review received after the time limit set.
1. The Authority shall inform the relevant 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;, without undue delay and before the publication of the list of selected obliged entities, of any review of the outcome of the selection process.