Information about material weaknesses
Article 6
Reporting authorities shall provide the EBA with all of the following information about material weaknesses: (a) the type of material weakness as set out in Article 2(1); (b) the reason as to why the reporting authority considers that the weakness is material; (c) a description of the material weakness; (d) the corresponding situation in which the material weakness has occurred, as set out in Annex I; (e) the timeline of the material weakness; (f) the origin of the information on the material weakness; (g) the AML/CFT-related requirement to which the material weakness relates; (h) the type of products, services or activities for which the financial sector operator has been authorised that are affected by the material weakness; (i) whether the material weakness concerns the financial sector operator on its own, its branch, its agent or its distributor alone, as well as any cross-border impact of the material weakness; (j) whether information on the material weakness has been communicated to a college that has been established for the group to which the financial sector operator belongs; and, if not communicated yet, the reason why; (k) for the host AML/CFT authorities, whether the information on the material weakness has been communicated to the home AML/CFT authority or to the central contact point referred to in Article 45(9) of Directive (EU) 2015/849, where applicable, and, if not communicated yet, the reason why; (l) whether the material weakness appears to be inherent in the design of the product, service or activity concerned; (m) whether the material weakness appears to be linked to specific natural persons, whether a customer, a beneficial owner, a member of the management body or key function holder, including the reasons why the reporting authority considers that that natural person appears to be linked to the material weakness; (n) any contextual or background information with regard to the material weakness, where known by the reporting authority, including: (i) whether the material weakness is linked to a specific area relevant for money laundering or the financing of terrorism that has already been identified by the EBA; (ii) for the AML/CFT authorities, whether the material weakness indicates an emerging risk as regards money laundering or the financing of terrorism; (iii) whether the material weakness is linked to the use of new technology, and, if so, a short description of that new technology. For the purposes of point (m), any information on natural persons shall be provided in accordance with Annex II.