Response to consultation on proposed RTS in the context of the EBA’s response to the European Commission’s Call for advice on new AMLA mandates
Question 6: Do you agree with the proposals as set out in Section 4 of the draft RTS? If you do not agree, please explain your rationale and provide evidence of the impact this section would have, including the cost of compliance, if adopted as such?
Yes, we agree with the proposals set out in Section 4 of the draft RTS. In particular, we would like to highlight the importance of Article 19, as its provisions are key to reducing the administrative burden for our companies. Ultimately, reducing the administrative burden on companies not only improves their operational efficiency but also delivers tangible benefits to the wider economy across the continent. In particular, we would like to highlight the relevance of relying on article 19, point (b) :“the statement or explanation provided by the customer, including their confirmation that the data is adequate, accurate and up-to-date, for the purpose of the verification of the identity of the beneficial owner or the senior managing official.” This approach should be considered a preferred means of simplifying procedures and minimizing the time companies spend on compliance tasks. This mechanism is particularly valuable for businesses, especially small and medium-sized enterprises, which often have limited resources and cannot afford to invest excessive time and effort in complex compliance procedures. By enabling businesses to confirm the accuracy of their data, companies can avoid unnecessary duplication of tasks and streamline their internal processes For this purpose, we especially support the development of a standardised form for this purpose, which would help streamline communication between obliged entities and their clients, reduce unnecessary back-and-forth, and contribute to more predictable and efficient compliance processes.