Recital 46

(46) There are circumstances where branches and subsidiaries of obliged entities are located in third countries where the minimum AML/CFT requirements, including data protection obligations, are less strict than the Union AML/CFT framework. In such situations, and in order to fully prevent the use of the Union’s financial system for the purposes of money laundering and terrorist financing and to ensure the highest standard of protection for personal data of Union citizens, those branches and subsidiaries should comply with AML/CFT requirements laid down at Union level. Where the law of a third country does not permit compliance with those requirements, for example because of limitations to the group’s ability to access, process or exchange information due to an insufficient level of data protection or banking secrecy law in that third country, obliged entities should take additional measures to ensure that branches and subsidiaries located in that country effectively handle the risks. AMLA should be tasked with developing draft regulatory technical standards specifying the type of such additional measures, taking into account the principle of proportionality.

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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.