Articles 1, 3 and 5
— Money Laundering and Terrorist Financing
Articles 2 and 4
— Obliged Entities
Articles 6 to 8
— Risk Assessments
Articles 9 and 18a
— High Risk Third Countries: Prescriptive Enhanced Due Diligence
— Anonymous Accounts, Anonymous Passbooks, Anonymous Safe Deposit Boxes
— Customer Due Diligence
Article 15 to 17
— Customer Due Diligence
Applying Simplified Due Diligence (SDD)
Article 18, 18a-to 24
— Enhanced Customer Due Diligence (EDD)
— Shell Banks
Articles 25 to 27
— Third Parties
— Beneficial Ownership Information Corporates and Other Legal Entities
— Trusts and other types of Legal Arrangements
— Central Beneficial Ownership Register for Trusts
— Implementing Acts Technical Specifications and Procedures
— Financial Intelligence Units (FIUs) FIU Establishment and Functions
— Centralised Automated Mechanisms for Identifying Persons Holding or Controlling Bank Accounts and Payment Accounts
— Co-operation by Obliged Entities and their Staff with FIUs
— Reporting obligation on NCAs and supervisory bodies
— Protection for Individuals who Report Suspicions
— Prohibition on Disclosure of Information
— Record Retention
— Group Wide Policies and Central Contact Point for eMoney Issuers and Payment Services Providers
— Registration of Providers of Exchange Services between Virtual Currencies and Fiat Currencies
Articles 58 to 61
— Harmonising Member States Administrative Sanctions and Measures for Breach
— Special provision for Credit Institutions and Financial Institutions
— Publication of Decisions to impose Administrative Sanctions or Measures
— Wire Transfer Regulation
Articles 5 & 6
— Transfer of funds within and to outside the Union
— Obligations of the Payer PSP
Articles 7 and 8
— Obligations of the Payee PSP
Articles 10 to 13
— Obligations on the Intermediary PSP
— Assessment and Reporting
— Where the WTR does not apply
— Record Retention
Articles 41 and 43 MLD4 and MLD5
— Data Protection
The Article 31(1) beneficial ownership information of express trusts and similar legal arrangements must be held in a central beneficial ownership register set up by the Member State, where the trustee of the trust or person holding an equivalent position in a similar legal arrangement is established or resides. (Article 31(3a)).
The Article then goes on to provide which central register applies, where the place of establishment or residence of the trustee is outside the Union, or where the trustees reside in different Member States, or where the trustee enters into multiple business relationships in the name of the trust or similar legal arrangement in different Member States.
The Article 31(1) information on the beneficial ownership of a trust or a similar legal arrangement must be accessible in all cases to:
The information accessible to natural or legal persons referred to in points (c) and (d) shall consist of the name, the month and year of birth and the country of residence and nationality of the beneficial owner, as well as nature and extent of beneficial interest held (Article 31(4).)
obliged entities must not rely exclusively on the central register to fulfil their customer due diligence requirements (Article 31(6)).
In exceptional circumstances to be laid down in national law, where the access referred to in points (b), (c) and (d) of the first subparagraph of paragraph 4 would expose the beneficial owner to disproportionate risk or where the beneficial owner is a minor or otherwise legally incapable, Member States may provide for an exemption from such access to all or part of the information on the beneficial ownership on a case-by-case basis. Rights to an administrative review of the exemption decision and to an effective judicial remedy shall be guaranteed (Article 31(7a)).
Member States must ensure that the central registers referred to in paragraph 3a of this Article are interconnected via the European Central Platform established by Article 22(1) of Directive (EU) 2017/1132. (Article 31(9)).
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