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Recital 98

Recital 98

(98)Cross-border groups need to have in place far-reaching group-wide policies and procedures. To ensure that cross-border operations are matched by adequate supervision, it is necessary to set out detailed supervisory rules, enabling supervisors of the home Member State and those of the host Member State to cooperate with each other to the greatest extent possible, regardless of their respective nature or status, and with AMLA to assess risks and monitor developments that could affect the various entities that form part of the group, coordinate supervisory action and settle disputes. Given its coordinating role, AMLA should be entrusted with the duty to develop the draft regulatory technical standards defining the detailed respective duties of the home and host supervisors of groups, and the arrangements for cooperation between them. The supervision of the effective implementation of group policy on AML/CFT should be done in accordance with the principles and methods of consolidated supervision as laid down in the relevant Union sectoral legal acts.

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