paul@paulfoleylaw.ie
22 Northumberland Road, Dublin D04 ED73, Ireland, EU
INTRO
INSIGHTS

p.34/36: EU anti money-laundering and terrorist financing

ARTICLE INTRO
By
Paul Foley

INDEX

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


WTR

— 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

Where the WTR does not apply (Article 3)

The WTR does not apply to transfers of funds carried out using a payment card, an electronic money instrument or a mobile phone, or any other digital or IT prepaid or postpaid device with similar characteristics, where the following conditions are met: (a) that card, instrument or device is used exclusively to pay for goods or services; and (b) the number of that card, instrument or device accompanies all transfers flowing from the transaction.

However, the WTR does apply when any such device , is used in order to effect a person-to-person transfer of funds (Article 2 (3)).

Whistleblowing

Member States shall establish effective mechanisms to encourage the reporting to competent authorities of breaches of this Regulation (Article 21(1)).

Payment service providers, in cooperation with the competent authorities, must establish appropriate internal procedures for their employees, or persons in a comparable position, to report breaches internally through a secure, independent, specific and anonymous channel, proportionate to the nature and size of the payment service provider concerned (Article 21(2).


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