On May 2, 2024, the European Banking Authority (EBA) have commenced the collection of personal data through EuReCA – the European Reporting System for Material CFT/AML Weaknesses. This system, launched on January 31, 2022, serves as the AML/CFT database of the EBA.
EuReCA is designed to house information on significant AML/CFT deficiencies within individual financial institutions as identified by EU supervisors. The gathered data is processed with the aim of identifying and analyzing material weaknesses, as well as any natural persons associated with these weaknesses.
The data to be collected from financial sector operators or branches includes:
- Customers or beneficial owners:
- • Name, surname, date of birth, country of residence, nationality.
- • Position as a member of the management body or a key function holder within the financial sector.
- • Direct or indirect shareholding in the financial sector operator or branch.
- • High-risk classification by the financial sector operator.
- Members of the management body or key function holders:
- • Name, surname, date of birth, country of residence, nationality.
- • Role within the financial sector operator or branch.
- Any natural person appears to be linked to material weaknesses.
The European Banking Authority (EBA), along with the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA), are the primary controllers of this information.
