S.L. 373.1 Art. 6Group-wide policies and procedures. 

(1) Subject persons that are part of a group shall be required to implement group-wide policies and procedures that include the measures established under regulation 5(5), as well as policies and procedures on data protection and the sharing of information within the group for the prevention of money laundering and the funding of terrorism. These policies and procedures shall be implemented effectively at the level of branches and majority-owned subsidiaries in Member States and third countries:

Provided that, unless otherwise instructed by the Financial Intelligence Analysis Unit and subject to the provisions of regulation 16, a subject person that is part of a group and discloses information in accordance with regulation 15(3) to the Financial Intelligence Analysis Unit, shall share that disclosed information within the group for the purposes of preventing and detecting money laundering and the funding of terrorism.

(2) Subject persons having branches or majority-owned subsidiaries established in another Member State shall ensure that those branches or majority-owned subsidiaries comply with the national provisions of that Member State, transposing the provisions of Directive (EU) 2015/849.

(3) Subject persons having branches or majority-owned subsidiaries established in third countries where the anti-money laundering and counter-funding of terrorism measures are less stringent than those under these regulations shall ensure that those branches or majority-owned subsidiaries implement the provisions of these regulations in so far as that third country’s legislation permits the implementation of such provisions.

(4) Where subject persons have branches or majority-owned subsidiaries established in third countries, and the legislation of such third countries does not permit the implementation of the policies and procedures under sub-regulation (1), subject persons shall ensure that AND FUNDING OF TERRORISM those branches and majority-owned subsidiaries apply additional measures to effectively handle the risk of money laundering and funding of terrorism and shall immediately inform the Financial Intelligence Analysis Unit about these circumstances and the measures taken:

Provided that where the additional measures are not adequate, the Financial Intelligence Analysis Unit shall, in collaboration with any relevant supervisory authority, exercise additional supervisory actions, including requiring those subject persons not to establish or to terminate existent business relationships and not to undertake transactions and, where necessary require those subject persons to close down their operations in the third country.

(5) Where the Financial Intelligence Analysis Unit is in possession of information in accordance with sub-regulation (4) it shall, where applicable, inform the relevant supervisory authorities, the relevant supervisory authorities of the other Member States, and the European Supervisory Authorities, and shall seek to cooperate and coordinate its actions with such relevant supervisory authorities and the European Supervisory Authorities, as necessary.

(6) In fulfilling their obligations under sub-regulation (4), subject persons carrying out relevant financial business shall comply with any regulatory technical standards developed by the European Supervisory Authorities in accordance with Article 45(6) of Directive

(EU) 2015/849 which may be adopted by the European Commission setting out the minimum action to be taken.