AMLA Interpretation and application
Supervised and recognised institutions
The AML Control Authority (AMLCA) is the supervisory authority for the non-banking sector, which is supervised only to the extent of its compliance with the AMLA. This non-banking sector includes the asset managers, fiduciaries, money changers and payments services providers, as well as lawyers and notaries who offer ancillary financial services and others.
The AMLA makes provision for the financial intermediaries of the non-banking sector to choose between direct supervision by the AMLCA, or the option of joining a self-regulating organisation - an SRO. The SROs are in turn recognised and supervised by the AMLCA. In addition, the AMLCA issues licences to the financial intermediaries directly subordinated to it and exercises supervision over them. The AMLCA must set down the personal and geographic scope of the AMLA applying to the non-banking sector, within the framework of the AMLA and subject to the rights of judicial review. For the financial intermediaries directly subordinated to it, the AMLCA issues implementing regulations regarding due diligence and other obligations with respect to the AMLA. Within its scope of exercising market supervision, the AMLCA ensures that all financial intermediaries, if not already governed by one of the supervisory authorities established under special law, receive a licence from the AMLCA or are affiliated with an SRO. The AMLCA, working in close collaboration with the supervisory authorities established under the special laws and with the MROS, strives towards an efficient and comprehensive execution of the AMLA.
Last update: 10.05.2007