EU Anti Money Laundering and Anti Terrorist Financing Regime

https://ec.europa.eu/digital-single-market/en/online-platforms-digital-single-market

Impact Assessment Part 2 page 51 footnote 32

see Article 14 generally of the Platforms Regulation

Article 12(6) of the Platforms Regulation

Article 12(2) of the Platforms Regulation

Article 12 (1) of the Platforms Regulation

Article 11 of the of the Platforms Regulation

Impact Assessment Part1, page 18 under par 2.1.2.

Impact Assessment, Part 1, page 17 under par 2.1.2

Article 10(2) of the Platforms Regulation

Article10(1) of the Platforms Regulation

Impact Assessment, Part 1, page 17 under par 2.1.1.6

Article 9(3) of the Platforms Regulation

Article 9(2) of the Platforms Regulation

Article 9(1) of the Platforms Regulation

Article 7(3) of the Platforms Regulation

Article 7(2) of the Platforms Regulation

Impact Assessment Part 1 page 16

Article 6 of the Platforms Regulation

Article 2(12) 'ancillary goods and services' means goods and services offered to the consumer prior to the completion of a transaction initiated on the online intermediation services in addition to and complementary to the primary good or service offered by the business user through the online intermediation services.

Impact Assessment page 17 of Part 1

Article 5(7) of the Platforms Regulation

Recital 27 of the Platforms Regulation

Article 5(6) of the Platforms Regulation

Article 5(5) of the Platforms Regulation

Article 5(4) and Recital 26 of the Platforms Regulation

Article 5(2) of the Platforms Regulation

In Article 5(3) of the Platforms Regulation

Article 5(1) of the Platforms Regulation

ranking means the relative prominence given to the goods or services offered through online intermediation services, or the relevance given to search results by online search engines, as presented, organised or communicated by the providers of online intermediation services or by providers of online search engines, respectively, irrespective of the technological means used for such presentation, organisation or communication; (Article 2(8))

Article 8 of the Platforms Regulation

Article 3(3) of the Platforms Regulation

Article 4 of the Platforms Regulation

Article 11 internal complaint-handling process

Article 3(2) of the Platforms Regulation

Recital (17) of the Platforms Regulation

Recital (16) of the Platforms Regulation

as defined in Article 2(10) of the Platforms Regulation

The Impact Assessment referred to potentially harmful trading practices. These included (i) sudden unexplained changes in terms and conditions unilaterally imposed by platforms without prior notice, (ii) delisting of products, services or businesses or suspension of accounts without clear statement of reasons (iii) issues related to ranking of business users or their offers (iv) Issues related to data access and use (v) discrimination of businesses and favouring of online platform's own competing services and (vi) lack of effective redress for business users. These amongst other matters are the drivers of the obligations below.

Article 1(3). of the Platforms Regulation

Article 1(2) of the Platforms Regulation

See Recital (11) of the Platforms Regulation for more detail.

business user means any private individual acting in a commercial or professional capacity who, or any legal person which, through online intermediation services offers goods or services to consumers for purposes relating to its trade, business, craft or profession (Article 2(1))

Online intermediation services’ means services which meet all of the following requirements: (a) they constitute information society services within the meaning of point (b) of Article 1(1) of Directive (EU) 2015/1535 (Laying down a procedure for the provision of information in the field of technical regulations and rules on Information Society services), (b) they allow business users to offer goods or services to consumers, with a view to facilitating the initiating of direct transactions between those business users and consumers, irrespective of where those transactions are ultimately concluded; (c) they are provided to business users on the basis of contractual relationships between the provider of those services and business users which offer goods or services to consumers (Article 2(2))

corporate website users means any natural or legal person which uses an online interface, meaning any software, including a website or a part thereof and applications, including mobile applications, to offer goods or services to consumers for purposes relating to its trade, business, craft or profession. (Article 2(7))

‘online search engine’ means a digital service that allows users to input queries in order to perform searches of, in principle, all websites, or all websites in a particular language, on the basis of a query on any subject in the form of a keyword, voice request, phrase or other input, and returns results in any format in which information related to the requested content can be found (Article 2(5))

https://ec.europa.eu/commission/presscorner/detail/en/MEMO_19_1169

Impact Assessment Part 1, Page 3, under paragraph 1.2

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A PEP means a natural person who is or has been entrusted with prominent public functions and includes:

• Heads of state, heads of government, ministers and deputy or assistant ministers.
• Members of parliament or similar legislative bodies.
• Members of the governing bodies of political parties.
• Members of supreme courts, constitutional courts or other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances.
• Members of courts of auditors or the boards of central banks.
• Ambassadors, charges d’affaires and high-ranking officers in the armed forces.
• Members of the administrative, management or supervisory bodies of state-owned enterprises.
• Directors, deputy directors and members of the board or equivalent function of an international organisation (Article 3(9) of MLD4).

Article 11 - Member States must ensure that obliged entities apply customer due diligence measures in the following circumstances:

(b) when carrying out an occasional transaction that: (i) amounts to EUR 15,000 or more, whether that transaction is carried out in a single operation or in several operations which appear to be linked; or (ii) constitutes a transfer of funds, as defined Article 3(9) of Regulation (EU) 2015/847 exceeding EUR 1,000;

(c) in the case of persons trading in goods, when carrying out occasional transactions in cash amounting to EUR 10,000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;

(d) for providers of gambling services, upon the collection of winnings, the wagering of a stake, or both, when carrying out transactions amounting to EUR 2,000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked.

Correspondent relationship means:

(a) the provision of banking services by one bank as the correspondent to another bank as the respondent, including providing a current or other liability account and related services, such as cash management, international funds transfers, cheque clearing, payable-through accounts and foreign exchange services;

(b) the relationships between and among credit institutions and financial institutions including where similar services are provided by a correspondent institution to a respondent institution, and including relationships established for securities transactions or funds transfers (Article 3(8)).

Article 3 (6) ‘beneficial owner’ means any natural person(s) who ultimately owns or controls the customer and/or the natural person(s) on whose behalf a transaction or activity is being conducted and includes at least:

(a) in the case of corporate entities:

(i) the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.

A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a natural person shall be an indication of direct ownership. A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a corporate entity, which is under the control of a natural person(s), or by multiple corporate entities, which are under the control of the same natural person(s), shall be an indication of indirect ownership. This applies without prejudice to the right of Member States to decide that a lower percentage may be an indication of ownership or control.

Control through other means may be determined, inter alia, in accordance with the criteria in Article 22(1) to (5) of Directive 2013/34/EU of the European Parliament and of the Council

(ii) if, after having exhausted all possible means and provided there are no grounds for suspicion, no person under point (i) is identified, or if there is any doubt that the person(s) identified are the beneficial owner(s), the natural person(s) who hold the position of senior managing official(s), the obliged entities shall keep records of the actions taken in order to identify the beneficial ownership under point (i) and this point.

Directive 2015/2366/EU on payment services (PSD2)

Custodian wallet providers means an entity that provides services to safeguard private cryptographic keys on behalf of its customers, to hold, store and transfer virtual currencies.

The new EU AML/CTF regime comprises the Fourth Money Laundering Directive (Directive 2015/849)(MLD4), the Wire Transfer Regulation (Regulation 2015/847 (WTR), and the Fifth Money Laundering (Directive 2018/843 (MLD5).MLD5 which amends MLD4 is available as a consolidated document on Europa.

The new EU AML/CTF regime comprises the Fourth Money Laundering Directive (Directive 2015/849)(MLD4), the Wire Transfer Regulation (Regulation 2015/847 (WTR), and the Fifth Money Laundering (Directive 2018/843 (MLD5).MLD5 which amends MLD4 is available as a consolidated document on Europa.

Fiat currencies are coins and banknotes that are designated as legal tender and electronic money, of a country, accepted as a medium of exchange in the issuing country, such as the Euro. The Commission refers to this type of provider as a virtual currency exchange platform (VCEP)”.

Virtual currencies means a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically.

Gambling: With the exception of casinos, and following an appropriate risk assessment, Member States may decide to exempt, in full or in part, providers of certain gambling services from national provisions transposing this Directive on the basis of the proven low risk posed by the nature and, where appropriate, the scale of operations of such services.