paul@paulfoleylaw.ie
22 Northumberland Road, Ballsbridge, Dublin 4
INTRO
INSIGHTS

36/36: The EU Anti Money Laundering and Terrorist Financing Regime

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

Data Protection (Articles 41 and 43 MLD4 and MLD5)

Personal data must be processed by obliged entities only for the purposes of the prevention of money laundering and terrorist financing and must not be further processed in a way that is incompatible with those purposes (Article 41(2)).

Obliged entities must provide new clients with the Article 10
of Directive 95/46/EC (DPD) information before establishing a business relationship or carrying out an occasional transaction. That information must, in particular, include a general notice concerning the legal obligations of obliged entities to process personal data for the purposes of the prevention of money laundering and terrorist financing as referred to in Article 1 of this Directive (Article 41(3) MLD4 as amended by MLD5). Under Article 94(2) of the GDPR, references to the repealed DPD are to be construed as references to the GDPR.

The processing of personal data on the basis of MLD4 as amended by MLD5 for the purposes of the prevention of money laundering and terrorist financing shall be considered to be a matter of public interest under Regulation (EU) 2016/679 (Article 43).

Personal data that is processed pursuant to MLD4 by the Commission and the ESAs is subject to the Community Processing Regulation(Regulation 45/2001).


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