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
Intermediary payment service providers must ensure that all the information received on the payer and the payee that accompanies a transfer of funds is retained with the transfer (Article 10).
The intermediary payment service provider must implement effective procedures (i) to detect whether the fields relating to the payer and the payee in the messaging or payment and settlement system have been filled in using the proper characters or inputs (Article (11(1)) and (ii) where appropriate, to ensure ex-post monitoring or real-time monitoring, in order to detect whether certain information on the payer or the payee is missing. See Article 11(2) for more detail.
The intermediary payment service provider must under Article 12 establish effective risk-based procedures for determining whether to execute, reject or suspend a transfer of funds lacking the required payer and payee information and for taking the appropriate follow up action (Article 12.(1)).
Where the intermediary payment service provider becomes aware, when receiving transfers of funds, that the required information is missing or has not been filled in using the required characters or inputs) it must reject the transfer or ask for the required information on the payer and the payee before or after the transmission of the transfer of funds, on a risk-sensitive basis (Article 12(2)).
Where a payment service provider repeatedly fails to provide the required information on the payer or the payee, the intermediary payment service provider must take steps, which may initially include the issuing of warnings and setting of deadlines, before either rejecting any future transfers of funds from that payment service provider, or restricting or terminating its business relationship with that payment service provider.
The intermediary payment service provider must report that failure, and the steps taken, to the competent authority responsible for monitoring compliance with anti-money laundering and counter terrorist financing provisions (Article 12(3)).
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