22 Northumberland Road, Dublin D04 ED73, Ireland, EU

p.16/36: EU anti money-laundering and terrorist financing

Paul Foley


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

Article 10
— Anonymous Accounts, Anonymous Passbooks, Anonymous Safe Deposit Boxes

Articles 10-14
— 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)

Article 24
— Shell Banks

Articles 25 to 27
— Third Parties

Article 28
— Groups

Article 30
— Beneficial Ownership Information Corporates and Other Legal Entities

Article 31
— Trusts and other types of Legal Arrangements

Article 31
— Central Beneficial Ownership Register for Trusts

Article 31a
— Implementing Acts Technical Specifications and Procedures

Article 32
— Financial Intelligence Units (FIUs) FIU Establishment and Functions

Article 32a
— Centralised Automated Mechanisms for Identifying Persons Holding or Controlling Bank Accounts and Payment Accounts

Article 33

— Co-operation by Obliged Entities and their Staff with FIUs

Article 36

— Reporting obligation on NCAs and supervisory bodies

Article 38

— Protection for Individuals who Report Suspicions

Article 39

— Prohibition on Disclosure of Information

Article 40

— Record Retention

Article 45

— Group Wide Policies and Central Contact Point for eMoney Issuers and Payment Services Providers

Article 47
— 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

Article 59

— Special provision for Credit Institutions and Financial Institutions

Article 60

— Publication of Decisions to impose Administrative Sanctions or Measures


— Wire Transfer Regulation

Articles 5 & 6
— Transfer of funds within and to outside the Union

Article 4

— Obligations of the Payer PSP

Articles 7 and 8

— Obligations of the Payee PSP

Articles 10 to 13

— Obligations on the Intermediary PSP

Article 13

— Assessment and Reporting

Article 2

— Where the WTR does not apply

Article 16

— Record Retention

Articles 41 and 43 MLD4 and MLD5

— Data Protection

Financial Intelligence Units (FIUs): establishment and functions (Article 32)

Each member state must establish an FIU to prevent, detect and effectively combat money laundering and terrorist financing (Article 32(1), MLD4). Member states are to notify the Commission in writing of the name and address of their respective FIUs (Article 32(2)).

Each FIU must be operationally independent and autonomous. The FIU as the central national unit shall be responsible for receiving and analysing suspicious transaction reports and other information relevant to money laundering, associated predicate offences or terrorist financing (Article 32(3)).

Member States must ensure that the FIU is empowered to take urgent action, directly or indirectly, where there is a suspicion that a transaction is related to money laundering or terrorist financing, to suspend or withhold consent to a transaction that is proceeding, in order to analyse the transaction, confirm the suspicion and disseminate the results of the analysis to the competent authorities. The FIU shall be empowered to take such action, directly or indirectly, at the request of an FIU from another Member State for the periods and under the conditions specified in the national law of the FIU receiving the request (Article 32(7)).

Without prejudice to Article 34(2), in the context of its functions, each FIU shall be able to request, obtain and use information from any obliged entity for the purpose set out in Article 32(1), even if no prior report is filed pursuant to Article 33(1)(a) or 34(1) (Article 32(9)).

Obliged entities must co-operate fully by promptly providing an FIU, directly, at its request, with all necessary information (Article 32 (10)).


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