Recital 27

(27) The relevant actors involved in the application of the AML/CFT framework should cooperate with each other in accordance with the duty of sincere cooperation enshrined in the Treaties. In order to ensure that the AML/CFT supervisory system composed of the Authority and supervisory authorities functions as an integrated mechanism, and that jurisdiction-specific risks and local supervisory expertise are duly taken into account and well utilised, direct supervision of selected obliged entities should take place in the form of joint supervisory teams and, where appropriate, dedicated on-site inspection teams. Those teams should be led by a staff member of the Authority coordinating all supervisory activities of the team (‘JST coordinator’). The JST coordinator and other staff members of the Authority allocated to the joint supervisory team should be based at the seat of the Authority but should be able to carry out their day-to-day tasks and supervisory activities in any Member State where the selected obliged entity has its operations. To that end, the financial supervisors should assist in ensuring smooth and flexible working arrangements for all joint supervisory team members. The Authority should be in charge of the establishment and composition of the joint supervisory team, and the local supervisors involved in the supervision of the entity should ensure that a sufficient number of their staff members is appointed to the team, taking into account the risk profile of the selected obliged entity in their jurisdiction, as well as its overall volume of activity. Each supervisor involved in the supervision of a group should appoint a member to the joint supervisory team. However, in cases where the risk of the obliged entity’s activities is low in a particular Member State, the financial supervisor in that Member State should be able to choose, in agreement with the JST coordinator, not to appoint a member to the joint supervisory team. Where no member is appointed to the joint supervisory team, the relevant financial supervisor should still have a contact point for any joint supervisory team matters and responsibilities.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.