Phase 1: PDF Ingestion

Source File	AMLD 4 2015_849 Directive.pdf
Page Count	45
Model Used	glm-4.6v
Timestamp	2026-02-26T18:28:17

1 1 paragraphs

paragraph Flows of illicit money can damage the integrity, stability and reputation of the financial sector, and threaten the internal market of the Union as well as international development. Money...

2 6 paragraphs

paragraph The soundness, integrity and stability of credit institutions and financial institutions, and confidence in the financial system as a whole could be seriously jeopardised by the efforts of...

section_heading 2.

paragraph 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...

paragraph Among the factors considered in their risk assessments, Member States shall assess the degree of vulnerability of the applicable transactions, including with respect to the payment methods used.

paragraph In their risk assessments, Member States shall indicate how they have taken into account any relevant findings in the reports issued by the Commission pursuant to Article 6.

paragraph Any decision taken by a Member State pursuant to the first subparagraph shall be notified to the Commission, together with a justification based on the specific risk assessment. The Commission...

3 11 paragraphs

paragraph This Directive is the fourth directive to address the threat of money laundering. Council Directive 91/308/EEC (4) defined money laundering in terms of drugs offences and imposed obligations...

section_heading 3.

paragraph Member States may decide that persons that engage in a financial activity on an occasional or very limited basis where there is little risk of money laundering or terrorist financing do not fall...

paragraph (a) the financial activity is limited in absolute terms;

paragraph (b) the financial activity is limited on a transaction basis;

paragraph (c) the financial activity is not the main activity of such persons;

paragraph (d) the financial activity is ancillary and directly related to the main activity of such persons;

paragraph (e) the main activity of such persons is not an activity referred to in points (a) to (d) or point (f) of paragraph 1(3);

paragraph (f) the financial activity is provided only to the customers of the main activity of such persons and is not generally offered to the public.

paragraph The first subparagraph shall not apply to persons engaged in the activity of money remittance as defined in point (13) of Article 4 of Directive 2007/64/EC of the European Parliament and of the...

section_heading SECTION 3

(4) 1 paragraphs

paragraph (4) Money laundering and terrorist financing are frequently carried out in an international context. Measures adopted solely at national or even at Union level, without taking into account...

(5) 1 paragraphs

paragraph (5) Furthermore, the misuse of the financial system to channel illicit or even lawful money into terrorist purposes poses a clear risk to the integrity, proper functioning, reputation and...

(6) 1 paragraphs

paragraph (6) The use of large cash payments is highly vulnerable to money laundering and terrorist financing. In order to increase vigilance and mitigate the risks posed by such cash payments, persons...

(7) 1 paragraphs

paragraph (7) The use of electronic money products is increasingly considered to be a substitute for bank accounts, which, in addition to the measures laid down in Directive 2009/110/EC of the European...

(8) 1 paragraphs

paragraph (8) As concerns the obliged entities which are subject to this Directive, estate agents could be understood to include letting agents, where applicable. DEF: estate agents

(15) 2 paragraphs

paragraph For that purpose, Member States should be able, under national law, to allow for access that is wider than the access provided for under this Directive.

paragraph (15) ‘group’ means a group of undertakings which consists of a parent undertaking, its subsidiaries, and the entities in which the parent undertaking or its subsidiaries hold a participation, as... DEF: group

(16) 2 paragraphs

paragraph Timely access to information on beneficial ownership should be ensured in ways which avoid any risk of tipping off the company concerned.

paragraph (16) ‘electronic money’ means electronic money as defined in point (2) of Article 2 of Directive 2009/110/EC; DEF: electronic money

(17) 2 paragraphs

paragraph In order to ensure a level playing field among the different types of legal forms, trustees should also be required to obtain, hold and provide beneficial ownership information to obliged entities...

paragraph (17) ‘shell bank’ means a credit institution or financial institution, or an institution that carries out activities equivalent to those carried out by credit institutions and financial... DEF: shell bank

(18) 1 paragraphs

paragraph This Directive should also apply to activities of obliged entities which are performed on the internet.

(19) 1 paragraphs

paragraph New technologies provide time-effective and cost-effective solutions to businesses and to customers and should therefore be taken into account when evaluating risk. The competent authorities and...

(20) 1 paragraphs

paragraph The representatives of the Union in the governing bodies of the European Bank for Reconstruction and Development are encouraged to implement this Directive and to publish on its website AML/CFT...

(21) 1 paragraphs

paragraph The use of gambling sector services to launder the proceeds of criminal activity is of concern. In order to mitigate the risks relating to gambling services, this Directive should provide for an...

(22) 1 paragraphs

paragraph The risk of money laundering and terrorist financing is not the same in every case. Accordingly, a holistic, risk-based approach should be used. The risk-based approach is not an unduly permissive...

(23) 1 paragraphs

paragraph Underpinning the risk-based approach is the need for Member States and the Union to identify, understand and mitigate the risks of money laundering and terrorist financing that they face. The...

(1) 3 paragraphs

footnote Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No...

section_heading (1) Customer risk factors:

(2) 3 paragraphs

footnote Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions...

section_heading (2) Product, service, transaction or delivery channel risk factors:

24 1 paragraphs

paragraph The Commission is well placed to review specific cross-border threats that could affect the internal market and that cannot be identified and effectively combatted by individual Member States. It...

25 1 paragraphs

paragraph The results of risk assessments should, where appropriate, be made available to obliged entities in a timely manner to enable them to identify, understand, manage and mitigate their own risks.

26 1 paragraphs

paragraph In addition, to identify, understand, manage and mitigate risks at Union level to an even greater degree, Member States should make available the results of their risk assessments to each other,...

27 1 paragraphs

paragraph When applying this Directive, it is appropriate to take account of the characteristics and needs of smaller obliged entities which fall under its scope, and to ensure treatment which is...

28 1 paragraphs

paragraph In order to protect the proper functioning of the Union financial system and of the internal market from money laundering and terrorist financing, the power to adopt acts in accordance with...

29 1 paragraphs

paragraph Member States should at least provide for enhanced customer due diligence measures to be applied by the obliged entities when dealing with natural persons or legal entities established in...

30 1 paragraphs

paragraph Risk itself is variable in nature, and the variables, on their own or in combination, may increase or decrease the potential risk posed, thus having an impact on the appropriate level of...

31 1 paragraphs

paragraph It should be recognised that certain situations present a greater risk of money laundering or terrorist financing. Although the identity and business profile of all customers should be...

Chapter I 2 paragraphs

section_heading CHAPTER I

section_heading GENERAL PROVISIONS

Chapter I.Section 1 2 paragraphs

section_heading SECTION 1

section_heading Subject-matter, scope and definitions

Chapter I.Section 1.Article 1 11 paragraphs

section_heading Article 1

paragraph 1. This Directive aims to prevent the use of the Union's financial system for the purposes of money laundering and terrorist financing.

paragraph 2. Member States shall ensure that money laundering and terrorist financing are prohibited.

paragraph 3. For the purposes of this Directive, the following conduct, when committed intentionally, shall be regarded as money laundering:

paragraph (a) the conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or...

paragraph (b) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property, knowing that such property is derived from criminal...

paragraph (c) the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such an activity;

paragraph (d) participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions referred to in points (a), (b) and (c).

paragraph 4. Money laundering shall be regarded as such even where the activities which generated the property to be laundered were carried out in the territory of another Member State or in that of a third country.

paragraph 5. For the purposes of this Directive, ‘terrorist financing’ means the provision or collection of funds, by any means, directly or indirectly, with the intention that they be used or in the... DEF: terrorist financing

paragraph 6. Knowledge, intent or purpose required as an element of the activities referred to in paragraphs 3 and 5 may be inferred from objective factual circumstances.

Chapter I.Section 1.Article 2 10 paragraphs

section_heading Article 2

paragraph 1. This Directive shall apply to the following obliged entities:

paragraph (1) credit institutions;

paragraph (2) financial institutions;

paragraph (3) the following natural or legal persons acting in the exercise of their professional activities:

paragraph (a) auditors, external accountants and tax advisors;

paragraph (b) notaries and other independent legal professionals, where they participate, whether by acting on behalf of and for their client in any financial or real estate transaction, or by assisting in...

paragraph (i) buying and selling of real property or business entities;

paragraph (ii) managing of client money, securities or other assets;

paragraph (iii) opening or management of bank, savings or securities accounts;

1(3) 6 paragraphs

paragraph (iv) organisation of contributions necessary for the creation, operation or management of companies;

paragraph (v) creation, operation or management of trusts, companies, foundations, or similar structures;

paragraph (c) trust or company service providers not already covered under point (a) or (b);

paragraph (d) estate agents;

paragraph (e) other persons trading in goods to the extent that payments are made or received in cash in an amount of EUR 10 000 or more, whether the transaction is carried out in a single operation or in...

paragraph (f) providers of gambling services.

4 3 paragraphs

section_heading 4.

paragraph For the purposes of point (a) of paragraph 3, Member States shall require that the total turnover of the financial activity does not exceed a threshold which must be sufficiently low. That...

paragraph 4. Member States may empower competent authorities to impose additional types of administrative sanctions in addition to those referred to in points (a) to (d) of paragraph 2 or to impose...

5 6 paragraphs

section_heading 5.

paragraph For the purposes of point (b) of paragraph 3, Member States shall apply a maximum threshold per customer and per single transaction, whether the transaction is carried out in a single operation or...

paragraph Member States shall ensure that the information on the beneficial ownership is accessible in all cases to:

paragraph The persons or organisations referred to in point (c) shall access at least the name, the month and year of birth, the nationality and the country of residence of the beneficial owner as well as...

paragraph For the purposes of this paragraph, access to the information on beneficial ownership shall be in accordance with data protection rules and may be subject to online registration and to the payment...

paragraph 5. Member States shall ensure that legal persons can be held liable for the breaches referred to in Article 59(1) committed for their benefit by any person, acting individually or as part of an...

6 4 paragraphs

section_heading 6.

paragraph For the purposes of point (c) of paragraph 3, Member States shall require that the turnover of the financial activity does not exceed 5 % of the total turnover of the natural or legal person concerned.

paragraph 6. In the case of beneficiaries of trusts or of similar legal arrangements that are designated by particular characteristics or class, an obliged entity shall obtain sufficient information...

paragraph 6. Member States shall also ensure that legal persons can be held liable where the lack of supervision or control by a person referred to in paragraph 5 of this Article has made it possible to...

Article 3 6 paragraphs

section_heading Article 3

paragraph For the purposes of this Directive, the following definitions apply:

paragraph (1) ‘credit institution’ means a credit institution as defined in point (1) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council (1), including branches... DEF: credit institution

paragraph (2) ‘financial institution’ means: DEF: financial institution

paragraph (3) ‘property’ means assets of any kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments in any form including electronic or... DEF: property

paragraph (4) ‘criminal activity’ means any kind of criminal involvement in the commission of the following serious crimes: DEF: criminal activity

Article 3(2) 6 paragraphs

paragraph (a) an undertaking other than a credit institution, which carries out one or more of the activities listed in points (2) to (12), (14) and (15) of Annex I to Directive 2013/36/EU of the European...

paragraph (b) an insurance undertaking as defined in point (1) of Article 13 of Directive 2009/138/EC of the European Parliament and of the Council (3), insofar as it carries out life assurance activities...

paragraph (c) an investment firm as defined in point (1) of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council (4);

paragraph (d) a collective investment undertaking marketing its units or shares;

paragraph (e) an insurance intermediary as defined in point (5) of Article 2 of Directive 2002/92/EC of the European Parliament and of the Council (5) where it acts with respect to life insurance and other...

paragraph (f) branches, when located in the Union, of financial institutions as referred to in points (a) to (e), whether their head office is situated in a Member State or in a third country;

Article 3(4) 2 paragraphs

paragraph (a) acts set out in Articles 1 to 4 of Framework Decision 2002/475/JHA;

paragraph (b) any of the offences referred in Article 3(1)(a) of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances;

7 1 paragraphs

paragraph (7) ‘trust or company service provider’ means any person that, by way of its business, provides any of the following services to third parties: DEF: trust or company service provider

7(a) 1 paragraphs

paragraph (a) the formation of companies or other legal persons;

7(b) 1 paragraphs

paragraph (b) acting as, or arranging for another person to act as, a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;

7(c) 1 paragraphs

paragraph (c) providing a registered office, business address, correspondence or administrative address and other related services for a company, a partnership or any other legal person or arrangement;

7(d) 1 paragraphs

paragraph (d) acting as, or arranging for another person to act as, a trustee of an express trust or a similar legal arrangement;

7(e) 1 paragraphs

paragraph (e) acting as, or arranging for another person to act as, a nominee shareholder for another person other than a company listed on a regulated market that is subject to disclosure requirements in...

8 2 paragraphs

paragraph (8) ‘correspondent relationship’ means: DEF: correspondent relationship

section_heading Article 8

8(a) 2 paragraphs

paragraph (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...

paragraph (a) an operational analysis which focuses on individual cases and specific targets or on appropriate selected information, depending on the type and volume of the disclosures received and the...

8(b) 2 paragraphs

paragraph (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...

paragraph (b) a strategic analysis addressing money laundering and terrorist financing trends and patterns.

9 3 paragraphs

paragraph (9) ‘politically exposed person’ means a natural person who is or who has been entrusted with prominent public functions and includes the following: DEF: politically exposed person

paragraph No public function referred to in points (a) to (h) shall be understood as covering middle-ranking or more junior officials;

section_heading Article 9

9(a) 1 paragraphs

paragraph (a) heads of State, heads of government, ministers and deputy or assistant ministers;

9(b) 1 paragraphs

paragraph (b) members of parliament or of similar legislative bodies;

9(c) 1 paragraphs

paragraph (c) members of the governing bodies of political parties;

9(d) 1 paragraphs

paragraph (d) members of supreme courts, of constitutional courts or of other high-level judicial bodies, the decisions of which are not subject to further appeal, except in exceptional circumstances;

9(e) 1 paragraphs

paragraph (e) members of courts of auditors or of the boards of central banks;

9(f) 1 paragraphs

paragraph (f) ambassadors, chargés d'affaires and high-ranking officers in the armed forces;

9(g) 1 paragraphs

paragraph (g) members of the administrative, management or supervisory bodies of State-owned enterprises;

9(h) 1 paragraphs

paragraph (h) directors, deputy directors and members of the board or equivalent function of an international organisation.

10 1 paragraphs

paragraph (10) ‘family members’ includes the following: DEF: family members

10(a) 1 paragraphs

paragraph (a) the spouse, or a person considered to be equivalent to a spouse, of a politically exposed person;

10(b) 1 paragraphs

paragraph (b) the children and their spouses, or persons considered to be equivalent to a spouse, of a politically exposed person;

10(c) 1 paragraphs

paragraph (c) the parents of a politically exposed person;

(11) 1 paragraphs

paragraph (11) ‘persons known to be close associates’ means: DEF: persons known to be close associates

(11)(a) 1 paragraphs

paragraph (a) natural persons who are known to have joint beneficial ownership of legal entities or legal arrangements, or any other close business relations, with a politically exposed person;

(11)(b) 1 paragraphs

paragraph (b) natural persons who have sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a politically exposed person.

(12) 1 paragraphs

paragraph (12) ‘senior management’ means an officer or employee with sufficient knowledge of the institution's money laundering and terrorist financing risk exposure and sufficient seniority to take... DEF: senior management

(13) 1 paragraphs

paragraph (13) ‘business relationship’ means a business, professional or commercial relationship which is connected with the professional activities of an obliged entity and which is expected, at the time... DEF: business relationship

(14) 1 paragraphs

paragraph (14) ‘gambling services’ means a service which involves wagering a stake with monetary value in games of chance, including those with an element of skill such as lotteries, casino games, poker... DEF: gambling services

Article 4 1 paragraphs

section_heading Article 4

Article 4(1) 1 paragraphs

paragraph 1. Member States shall, in accordance with the risk-based approach, ensure that the scope of this Directive is extended in whole or in part to professions and to categories of undertakings, other...

Article 4(2) 1 paragraphs

paragraph 2. Where a Member State extends the scope of this Directive to professions or to categories of undertaking other than those referred to in Article 2(1), it shall inform the Commission thereof.

Article 5 2 paragraphs

section_heading Article 5

paragraph Member States may adopt or retain in force stricter provisions in the field covered by this Directive to prevent money laundering and terrorist financing, within the limits of Union law.

Section 2 2 paragraphs

section_heading SECTION 2

Section 2.Risk assessment 1 paragraphs

section_heading Risk assessment

Article 6 1 paragraphs

section_heading Article 6

Article 6(1) 1 paragraphs

paragraph 1. The Commission shall conduct an assessment of the risks of money laundering and terrorist financing affecting the internal market and relating to cross-border activities. To that end, the...

Article 6(2) 1 paragraphs

paragraph 2. The report referred to in paragraph 1 shall cover at least the following:

Article 6(2)(a) 1 paragraphs

paragraph (a) the areas of the internal market that are at greatest risk;

Article 6(1)(b) 1 paragraphs

paragraph (b) the risks associated with each relevant sector;

Article 6(1)(c) 1 paragraphs

paragraph (c) the most widespread means used by criminals by which to launder illicit proceeds.

Article 6(3) 1 paragraphs

paragraph 3. The Commission shall make the report referred to in paragraph 1 available to the Member States and obliged entities in order to assist them to identify, understand, manage and mitigate the risk...

Article 6(4) 1 paragraphs

paragraph 4. The Commission shall make recommendations to Member States on the measures suitable for addressing the identified risks. In the event that Member States decide not to apply any of the...

Article 6(5) 1 paragraphs

paragraph 5. By 26 December 2016, the ESAs, through the Joint Committee, shall issue an opinion on the risks of money laundering and terrorist financing affecting the Union's financial sector (the ‘joint...

Article 6(6) 1 paragraphs

paragraph 6. In conducting the assessment referred to in paragraph 1, the Commission shall organise the work at Union level, shall take into account the joint opinions referred to in paragraph 5 and shall...

Article 6(7) 1 paragraphs

paragraph 7. Every two years, or more frequently if appropriate, the Commission shall submit a report to the European Parliament and to the Council on the findings resulting from the regular risk...

Article 7 1 paragraphs

section_heading Article 7

Article 7(1) 1 paragraphs

paragraph 1. Each Member State shall take appropriate steps to identify, assess, understand and mitigate the risks of money laundering and terrorist financing affecting it, as well as any data protection...

Article 7(2) 1 paragraphs

paragraph 2. Each Member State shall designate an authority or establish a mechanism by which to coordinate the national response to the risks referred to in paragraph 1. The identity of that authority or...

Article 7(3) 1 paragraphs

paragraph 3. In carrying out the risk assessments referred to in paragraph 1 of this Article, Member States shall make use of the findings of the report referred to in Article 6(1).

Article 7(4) 1 paragraphs

paragraph 4. As regards the risk assessment referred to in paragraph 1, each Member State shall:

Article 7(4)(a) 1 paragraphs

paragraph (a) use it to improve its AML/CFT regime, in particular by identifying any areas where obliged entities are to apply enhanced measures and, where appropriate, specifying the measures to be taken;

Article 7(4)(b) 1 paragraphs

paragraph (b) identify, where appropriate, sectors or areas of lower or greater risk of money laundering and terrorist financing;

Article 7(4)(c) 1 paragraphs

paragraph (c) use it to assist it in the allocation and prioritisation of resources to combat money laundering and terrorist financing;

Article 7(4)(d) 1 paragraphs

paragraph (d) use it to ensure that appropriate rules are drawn up for each sector or area, in accordance with the risks of money laundering and terrorist financing;

Article 7(4)(e) 1 paragraphs

paragraph (e) make appropriate information available promptly to obliged entities to facilitate the carrying out of their own money laundering and terrorist financing risk assessments.

8(1) 1 paragraphs

paragraph Member States shall ensure that obliged entities take appropriate steps to identify and assess the risks of money laundering and terrorist financing, taking into account risk factors including...

8(2) 1 paragraphs

paragraph The risk assessments referred to in paragraph 1 shall be documented, kept up-to-date and made available to the relevant competent authorities and self-regulatory bodies concerned. Competent...

8(3) 1 paragraphs

paragraph Member States shall ensure that obliged entities have in place policies, controls and procedures to mitigate and manage effectively the risks of money laundering and terrorist financing identified...

8(4) 1 paragraphs

paragraph The policies, controls and procedures referred to in paragraph 3 shall include:

8(4)(a) 1 paragraphs

paragraph the development of internal policies, controls and procedures, including model risk management practices, customer due diligence, reporting, record-keeping, internal control, compliance management...

8(4)(b) 1 paragraphs

paragraph where appropriate with regard to the size and nature of the business, an independent audit function to test the internal policies, controls and procedures referred to in point (a).

8(5) 1 paragraphs

paragraph Member States shall require obliged entities to obtain approval from their senior management for the policies, controls and procedures that they put in place and to monitor and enhance the...

9(1) 1 paragraphs

paragraph Third-country jurisdictions which have strategic deficiencies in their national AML/CFT regimes that pose significant threats to the financial system of the Union (‘high-risk third countries’)... DEF: high-risk third countries

9(2) 1 paragraphs

paragraph The Commission shall be empowered to adopt delegated acts in accordance with Article 64 in order to identify high-risk third countries, taking into account strategic deficiencies, in particular in...

9(2)(a) 1 paragraphs

paragraph the legal and institutional AML/CFT framework of the third country, in particular:

9(2)(a)(i) 1 paragraphs

paragraph criminalisation of money laundering and terrorist financing;

9(2)(a)(ii) 1 paragraphs

paragraph measures relating to customer due diligence;

9(2)(a)(iii) 1 paragraphs

paragraph requirements relating to record-keeping; and

9(2)(a)(iv) 1 paragraphs

paragraph requirements to report suspicious transactions;

9(2)(b) 1 paragraphs

paragraph the powers and procedures of the third country's competent authorities for the purposes of combating money laundering and terrorist financing;

9(2)(c) 1 paragraphs

paragraph the effectiveness of the AML/CFT system in addressing money laundering or terrorist financing risks of the third country.

CHAPTER II 2 paragraphs

section_heading CHAPTER II

section_heading CUSTOMER DUE DILIGENCE

CHAPTER II.SECTION 1 2 paragraphs

section_heading SECTION 1

section_heading General provisions

CHAPTER II.SECTION 1.Article 10 3 paragraphs

section_heading Article 10

paragraph 1. Member States shall prohibit their credit institutions and financial institutions from keeping anonymous accounts or anonymous passbooks. Member States shall, in any event, require that the...

paragraph 2. Member States shall take measures to prevent misuse of bearer shares and bearer share warrants.

CHAPTER II.SECTION 1.Article 11 10 paragraphs

section_heading Article 11

paragraph Member States shall ensure that obliged entities apply customer due diligence measures in the following circumstances:

paragraph (a) when establishing a business relationship;

paragraph (b) when carrying out an occasional transaction that:

paragraph (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

paragraph (ii) constitutes a transfer of funds, as defined in point (9) of Article 3 of Regulation (EU) 2015/847 of the European Parliament and of the Council (1), exceeding EUR 1 000;

paragraph (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...

paragraph (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...

paragraph (e) when there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold;

paragraph (f) when there are doubts about the veracity or adequacy of previously obtained customer identification data.

CHAPTER II.SECTION 1.Article 12 4 paragraphs

section_heading Article 12

paragraph 1. By way of derogation from points (a), (b) and (c) of the first subparagraph of Article 13(1) and Article 14, and based on an appropriate risk assessment which demonstrates a low risk, a Member...

paragraph (a) the payment instrument is not reloadable, or has a maximum monthly payment transactions limit of EUR 250 which can be used only in that Member State;

paragraph (b) the maximum amount stored electronically does not exceed EUR 250;

Article 13 1 paragraphs

section_heading Article 13

Article 13(1) 2 paragraphs

section_heading 1. Customer due diligence measures shall comprise:

paragraph When performing the measures referred to in points (a) and (b) of the first subparagraph, obliged entities shall also verify that any person purporting to act on behalf of the customer is so...

Article 13(1)(a) 1 paragraphs

paragraph (a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source;

Article 13(1)(b) 1 paragraphs

paragraph (b) identifying the beneficial owner and taking reasonable measures to verify that person's identity so that the obliged entity is satisfied that it knows who the beneficial owner is, including,...

Article 13(1)(c) 1 paragraphs

paragraph (c) assessing and, as appropriate, obtaining information on the purpose and intended nature of the business relationship;

Article 13(1)(d) 1 paragraphs

paragraph (d) conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being...

Article 13(2) 1 paragraphs

section_heading 2. Member States shall ensure that obliged entities apply each of the customer due diligence requirements laid down in paragraph 1. However, obliged entities may determine the extent of such...

Article 13(3) 1 paragraphs

section_heading 3. Member States shall require that obliged entities take into account at least the variables set out in Annex I when assessing the risks of money laundering and terrorist financing.

Article 13(4) 1 paragraphs

section_heading 4. Member States shall ensure that obliged entities are able to demonstrate to competent authorities or self-regulatory bodies that the measures are appropriate in view of the risks of money...

Article 13(5) 1 paragraphs

section_heading 5. For life or other investment-related insurance business, Member States shall ensure that, in addition to the customer due diligence measures required for the customer and the beneficial owner,...

Article 13(5)(a) 1 paragraphs

paragraph (a) in the case of beneficiaries that are identified as specifically named persons or legal arrangements, taking the name of the person;

Article 13(5)(b) 1 paragraphs

paragraph (b) in the case of beneficiaries that are designated by characteristics or by class or by other means, obtaining sufficient information concerning those beneficiaries to satisfy the credit...

Article 14 2 paragraphs

section_heading Article 14

paragraph Member States shall not apply the first subparagraph to notaries, other independent legal professionals, auditors, external accountants and tax advisors only to the strict extent that those...

Article 14(1) 1 paragraphs

paragraph 1. Member States shall require that verification of the identity of the customer and the beneficial owner take place before the establishment of a business relationship or the carrying out of the...

Article 14(2) 1 paragraphs

paragraph 2. By way of derogation from paragraph 1, Member States may allow verification of the identity of the customer and the beneficial owner to be completed during the establishment of a business...

Article 14(3) 1 paragraphs

paragraph 3. By way of derogation from paragraph 1, Member States may allow the opening of an account with a credit institution or financial institution, including accounts that permit transactions in...

Article 14(4) 1 paragraphs

paragraph 4. Member States shall require that, where an obliged entity is unable to comply with the customer due diligence requirements laid down in point (a), (b) or (c) of the first subparagraph of...

Article 14(5) 1 paragraphs

paragraph 5. Member States shall require that obliged entities apply the customer due diligence measures not only to all new customers but also at appropriate times to existing customers on a risk-sensitive...

SECTION 2 3 paragraphs

section_heading SECTION 2

section_heading Prohibition of disclosure

SECTION 2.Simplified customer due diligence 1 paragraphs

section_heading Simplified customer due diligence

Article 15 1 paragraphs

section_heading Article 15

Article 15(1) 1 paragraphs

paragraph 1. Where a Member State or an obliged entity identifies areas of lower risk, that Member State may allow obliged entities to apply simplified customer due diligence measures.

Article 15(2) 1 paragraphs

paragraph 2. Before applying simplified customer due diligence measures, obliged entities shall ascertain that the business relationship or the transaction presents a lower degree of risk.

Article 15(3) 1 paragraphs

paragraph 3. Member States shall ensure that obliged entities carry out sufficient monitoring of the transactions and business relationships to enable the detection of unusual or suspicious transactions.

Article 16 2 paragraphs

section_heading Article 16

paragraph When assessing the risks of money laundering and terrorist financing relating to types of customers, geographic areas, and particular products, services, transactions or delivery channels, Member...

Article 17 2 paragraphs

section_heading Article 17

paragraph By 26 June 2017, the ESAs shall issue guidelines addressed to competent authorities and the credit institutions and financial institutions in accordance with Article 16 of Regulations (EU) No...

SECTION 3 2 paragraphs

section_heading SECTION 3

section_heading Enhanced customer due diligence

Article 18 6 paragraphs

section_heading Article 18

subsection 1. In the cases referred to in Articles 19 to 24, and when dealing with natural persons or legal entities established in the third countries identified by the Commission as high-risk third...

paragraph Enhanced customer due diligence measures need not be invoked automatically with respect to branches or majority-owned subsidiaries of obliged entities established in the Union which are located in...

subsection 2. Member States shall require obliged entities to examine, as far as reasonably possible, the background and purpose of all complex and unusually large transactions, and all unusual patterns of...

subsection 3. When assessing the risks of money laundering and terrorist financing, Member States and obliged entities shall take into account at least the factors of potentially higher-risk situations set...

subsection 4. By 26 June 2017, the ESAs shall issue guidelines addressed to competent authorities and the credit institutions and financial institutions, in accordance with Article 16 of Regulations (EU) No...

Article 19 7 paragraphs

section_heading Article 19

paragraph With respect to cross-border correspondent relationships with a third-country respondent institution, Member States shall, in addition to the customer due diligence measures laid down in Article...

subsection (a) gather sufficient information about the respondent institution to understand fully the nature of the respondent's business and to determine from publicly available information the reputation...

subsection (b) assess the respondent institution's AML/CFT controls;

subsection (c) obtain approval from senior management before establishing new correspondent relationships;

subsection (d) document the respective responsibilities of each institution;

subsection (e) with respect to payable-through accounts, be satisfied that the respondent institution has verified the identity of, and performed ongoing due diligence on, the customers having direct access...

Article 20 7 paragraphs

section_heading Article 20

paragraph With respect to transactions or business relationships with politically exposed persons, Member States shall, in addition to the customer due diligence measures laid down in Article 13, require...

paragraph (a) have in place appropriate risk management systems, including risk-based procedures, to determine whether the customer or the beneficial owner of the customer is a politically exposed person;

paragraph (b) apply the following measures in cases of business relationships with politically exposed persons:

paragraph (i) obtain senior management approval for establishing or continuing business relationships with such persons;

paragraph (ii) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions with such persons;

paragraph (iii) conduct enhanced, ongoing monitoring of those business relationships.

Article 21 4 paragraphs

section_heading Article 21

paragraph Member States shall require obliged entities to take reasonable measures to determine whether the beneficiaries of a life or other investment-related insurance policy and/or, where required, the...

paragraph (a) inform senior management before payout of policy proceeds;

paragraph (b) conduct enhanced scrutiny of the entire business relationship with the policyholder.

Article 22 2 paragraphs

section_heading Article 22

paragraph Where a politically exposed person is no longer entrusted with a prominent public function by a Member State or a third country, or with a prominent public function by an international...

Article 23 2 paragraphs

section_heading Article 23

paragraph The measures referred to in Articles 20 and 21 shall also apply to family members or persons known to be close associates of politically exposed persons.

Article 24 2 paragraphs

section_heading Article 24

paragraph Member States shall prohibit credit institutions and financial institutions from entering into, or continuing, a correspondent relationship with a shell bank. They shall require that those...

Section 4 1 paragraphs

section_heading SECTION 4

Section 4.Performance by third parties 1 paragraphs

section_heading Performance by third parties

Section 4.Article 25 2 paragraphs

section_heading Article 25

paragraph Member States may permit obliged entities to rely on third parties to meet the customer due diligence requirements laid down in points (a), (b) and (c) of the first subparagraph of Article 13(1)....

Article 26 1 paragraphs

section_heading Article 26

Article 26(1) 1 paragraphs

paragraph For the purposes of this Section, ‘third parties’ means obliged entities listed in Article 2, the member organisations or federations of those obliged entities, or other institutions or persons... DEF: third parties

Article 26(1)(a) 1 paragraphs

paragraph (a) apply customer due diligence requirements and record-keeping requirements that are consistent with those laid down in this Directive; and

Article 26(1)(b) 1 paragraphs

paragraph (b) have their compliance with the requirements of this Directive supervised in a manner consistent with Section 2 of Chapter VI.

Article 26(2) 1 paragraphs

paragraph Member States shall prohibit obliged entities from relying on third parties established in high-risk third countries. Member States may exempt branches and majority-owned subsidiaries of obliged...

Article 27 1 paragraphs

section_heading Article 27

Article 27(1) 1 paragraphs

paragraph Member States shall ensure that obliged entities obtain from the third party relied upon the necessary information concerning the customer due diligence requirements laid down in points (a), (b)...

Article 27(2) 1 paragraphs

paragraph Member States shall ensure that obliged entities to which the customer is referred take adequate steps to ensure that the third party provides, immediately, upon request, relevant copies of...

Article 28 1 paragraphs

section_heading Article 28

Article 28(a) 1 paragraphs

paragraph (a) the obliged entity relies on information provided by a third party that is part of the same group;

Article 28(b) 1 paragraphs

paragraph (b) that group applies customer due diligence measures, rules on record-keeping and programmes against money laundering and terrorist financing in accordance with this Directive or equivalent rules;

Article 28(c) 1 paragraphs

paragraph (c) the effective implementation of the requirements referred to in point (b) is supervised at group level by a competent authority of the home Member State or of the third country.

Article 29 2 paragraphs

section_heading Article 29

paragraph This Section shall not apply to outsourcing or agency relationships where, on the basis of a contractual arrangement, the outsourcing service provider or agent is to be regarded as part of the...

CHAPTER III 1 paragraphs

section_heading CHAPTER III

CHAPTER III.BENEFICIAL OWNERSHIP INFORMATION 1 paragraphs

section_heading BENEFICIAL OWNERSHIP INFORMATION

Article 30 1 paragraphs

section_heading Article 30

Article 30(1) 2 paragraphs

paragraph Member States shall ensure that corporate and other legal entities incorporated within their territory are required to obtain and hold adequate, accurate and current information on their...

paragraph Member States shall ensure that those entities are required to provide, in addition to information about their legal owner, information on the beneficial owner to obliged entities when the obliged...

5(a) 2 paragraphs

paragraph (a) competent authorities and FIUs, without any restriction;

paragraph (a) power to represent the legal person;

5(b) 2 paragraphs

paragraph (b) obliged entities, within the framework of customer due diligence in accordance with Chapter II;

paragraph (b) authority to take decisions on behalf of the legal person; or

5(c) 2 paragraphs

paragraph (c) any person or organisation that can demonstrate a legitimate interest.

paragraph (c) authority to exercise control within the legal person.

Article 31 1 paragraphs

section_heading Article 31

Article 31.1 1 paragraphs

paragraph Member States shall require that trustees of any express trust governed under their law obtain and hold adequate, accurate and up-to-date information on beneficial ownership regarding the trust....

Article 31.1(a) 1 paragraphs

paragraph (a) the settlor;

Article 31.1(b) 1 paragraphs

paragraph (b) the trustee(s);

Article 31.1(c) 1 paragraphs

paragraph (c) the protector (if any);

Chapter IV 1 paragraphs

section_heading CHAPTER IV

Reporting Obligations 1 paragraphs

section_heading REPORTING OBLIGATIONS

Section 1 1 paragraphs

section_heading SECTION 1

General provisions 1 paragraphs

section_heading General provisions

Article 32 1 paragraphs

section_heading Article 32

Article 33 1 paragraphs

section_heading Article 33

Article 33(1) 2 paragraphs

paragraph 1. Member States shall require obliged entities, and, where applicable, their directors and employees, to cooperate fully by promptly:

paragraph All suspicious transactions, including attempted transactions, shall be reported.

Article 33(1)(a) 1 paragraphs

paragraph (a) informing the FIU, including by filing a report, on their own initiative, where the obliged entity knows, suspects or has reasonable grounds to suspect that funds, regardless of the amount...

Article 33(1)(b) 1 paragraphs

paragraph (b) providing the FIU, directly or indirectly, at its request, with all necessary information, in accordance with the procedures established by the applicable law.

Article 33(2) 1 paragraphs

paragraph 2. The person appointed in accordance with point (a) of Article 8(4) shall transmit the information referred to in paragraph 1 of this Article to the FIU of the Member State in whose territory...

Article 34 1 paragraphs

section_heading Article 34

Article 34(1) 2 paragraphs

paragraph 1. By way of derogation from Article 33(1), Member States may, in the case of obliged entities referred to in point (3)(a), (b) and (d) of Article 2(1), designate an appropriate self-regulatory...

paragraph Without prejudice to paragraph 2, the designated self-regulatory body shall, in cases referred to in the first subparagraph of this paragraph, forward the information to the FIU promptly and unfiltered.

Article 35 3 paragraphs

section_heading Article 35

paragraph 1. Member States shall require obliged entities to refrain from carrying out transactions which they know or suspect to be related to proceeds of criminal activity or to terrorist financing until...

paragraph 2. Where refraining from carrying out transactions referred to in paragraph 1 is impossible or is likely to frustrate efforts to pursue the beneficiaries of a suspected operation, the obliged...

Article 36 3 paragraphs

section_heading Article 36

paragraph 1. Member States shall ensure that if, in the course of checks carried out on the obliged entities by the competent authorities referred to in Article 48, or in any other way, those authorities...

paragraph 2. Member States shall ensure that supervisory bodies empowered by law or regulation to oversee the stock, foreign exchange and financial derivatives markets inform the FIU if they discover facts...

Article 37 2 paragraphs

section_heading Article 37

paragraph Disclosure of information in good faith by an obliged entity or by an employee or director of such an obliged entity in accordance with Articles 33 and 34 shall not constitute a breach of any...

Article 38 2 paragraphs

section_heading Article 38

paragraph Member States shall ensure that individuals, including employees and representatives of the obliged entity, who report suspicions of money laundering or terrorist financing internally or to the...

Article 39 4 paragraphs

section_heading Article 39

paragraph 1. Obliged entities and their directors and employees shall not disclose to the customer concerned or to other third persons the fact that information is being, will be or has been transmitted in...

paragraph 2. The prohibition laid down in paragraph 1 shall not include disclosure to the competent authorities, including the self-regulatory bodies, or disclosure for law enforcement purposes.

paragraph 3. The prohibition laid down in paragraph 1 shall not prevent disclosure between the credit institutions and financial institutions or between those institutions and their branches and...

CHAPTER V 2 paragraphs

section_heading CHAPTER V

section_heading DATA PROTECTION, RECORD-RETENTION AND STATISTICAL DATA

Article 40 3 paragraphs

section_heading Article 40

paragraph Member States shall require obliged entities to retain the following documents and information in accordance with national law for the purpose of preventing, detecting and investigating, by the...

paragraph Where, on 25 June 2015, legal proceedings concerned with the prevention, detection, investigation or prosecution of suspected money laundering or terrorist financing are pending in a Member State,...

Article 40(1) 3 paragraphs

paragraph (a) in the case of customer due diligence, a copy of the documents and information which are necessary to comply with the customer due diligence requirements laid down in Chapter II, for a period...

paragraph (b) the supporting evidence and records of transactions, consisting of the original documents or copies admissible in judicial proceedings under the applicable national law, which are necessary...

paragraph Upon expiry of the retention periods referred to in the first subparagraph, Member States shall ensure that obliged entities delete personal data, unless otherwise provided for by national law,...

Article 41 2 paragraphs

section_heading Article 41

paragraph The processing of personal data under this Directive is subject to Directive 95/46/EC, as transposed into national law. Personal data that is processed pursuant to this Directive by the Commission...

Article 42 2 paragraphs

section_heading Article 42

paragraph Member States shall require that their obliged entities have systems in place that enable them to respond fully and speedily to enquiries from their FIU or from other authorities, in accordance...

Article 43 2 paragraphs

section_heading Article 43

paragraph The processing of personal data on the basis of this Directive for the purposes of the prevention of money laundering and terrorist financing as referred to in Article 1 shall be considered to be...

Article 44 1 paragraphs

section_heading Article 44

Article 44(1) 1 paragraphs

paragraph Member States shall, for the purposes of contributing to the preparation of risk assessments pursuant to Article 7, ensure that they are able to review the effectiveness of their systems to combat...

Article 44(2) 1 paragraphs

paragraph The statistics referred to in paragraph 1 shall include:

Article 44(2)(a) 1 paragraphs

paragraph (a) data measuring the size and importance of the different sectors which fall within the scope of this Directive, including the number of entities and persons and the economic importance of each sector;

Article 44(2)(b) 1 paragraphs

paragraph (b) data measuring the reporting, investigation and judicial phases of the national AML/CFT regime, including the number of suspicious transaction reports made to the FIU, the follow-up given to...

Article 44(2)(c) 1 paragraphs

paragraph (c) if available, data identifying the number and percentage of reports resulting in further investigation, together with the annual report to obliged entities detailing the usefulness and...

Article 44(2)(d) 1 paragraphs

paragraph (d) data regarding the number of cross-border requests for information that were made, received, refused and partially or fully answered by the FIU.

Article 44(3) 1 paragraphs

paragraph Member States shall ensure that a consolidated review of their statistics is published.

Article 44(4) 1 paragraphs

paragraph Member States shall transmit to the Commission the statistics referred to in paragraph 2.

CHAPTER VI 1 paragraphs

section_heading CHAPTER VI

CHAPTER VI.1 1 paragraphs

section_heading POLICIES, PROCEDURES AND SUPERVISION

CHAPTER VI.1.1 1 paragraphs

section_heading SECTION 1

CHAPTER VI.1.1.1 1 paragraphs

section_heading Internal procedures, training and feedback

CHAPTER VI.1.1.1.45 1 paragraphs

section_heading Article 45

CHAPTER VI.1.1.1.45.1 1 paragraphs

paragraph 1. Member States shall require obliged entities that are part of a group to implement group-wide policies and procedures, including data protection policies and policies and procedures for sharing...

CHAPTER VI.1.1.1.45.2 1 paragraphs

paragraph 2. Member States shall require that obliged entities that operate establishments in another Member State ensure that those establishments respect the national provisions of that other Member State...

CHAPTER VI.1.1.1.45.3 1 paragraphs

paragraph 3. Member States shall ensure that where obliged entities have branches or majority-owned subsidiaries located in third countries where the minimum AML/CFT requirements are less strict than those...

CHAPTER VI.1.1.1.45.4 1 paragraphs

paragraph 4. The Member States and the ESAs shall inform each other of instances in which a third country's law does not permit the implementation of the policies and procedures required under paragraph 1....

CHAPTER VI.1.1.1.45.5 1 paragraphs

paragraph 5. Member States shall require that, where a third country's law does not permit the implementation of the policies and procedures required under paragraph 1, obliged entities ensure that branches...

CHAPTER VI.1.1.1.45.6 1 paragraphs

paragraph 6. The ESAs shall develop draft regulatory technical standards specifying the type of additional measures referred to in paragraph 5 and the minimum action to be taken by credit institutions and...

CHAPTER VI.1.1.1.45.7 1 paragraphs

paragraph 7. Power is delegated to the Commission to adopt the regulatory technical standards referred to in paragraph 6 of this Article in accordance with Articles 10 to 14 of Regulations (EU) No...

CHAPTER VI.1.1.1.45.8 1 paragraphs

paragraph 8. Member States shall ensure that the sharing of information within the group is allowed. Information on suspicions that funds are the proceeds of criminal activity or are related to terrorist...

CHAPTER VI.1.1.1.45.9 1 paragraphs

paragraph 9. Member States may require electronic money issuers as defined in point (3) of Article 2 of Directive 2009/110/EC and payment service providers as defined in point (9) of Article 4 of Directive...

Article 46 1 paragraphs

section_heading Article 46

Article 46(1) 1 paragraphs

paragraph 1. Member States shall require that obliged entities take measures proportionate to their risks, nature and size so that their employees are aware of the provisions adopted pursuant to this...

Article 46(2) 1 paragraphs

paragraph 2. Member States shall ensure that obliged entities have access to up-to-date information on the practices of money launderers and financers of terrorism and on indications leading to the...

Article 46(3) 1 paragraphs

paragraph 3. Member States shall ensure that, where practicable, timely feedback on the effectiveness of and follow-up to reports of suspected money laundering or terrorist financing is provided to obliged entities.

Article 46(4) 1 paragraphs

paragraph 4. Member States shall require that, where applicable, obliged entities identify the member of the management board who is responsible for the implementation of the laws, regulations and...

Section 2.Supervision 1 paragraphs

section_heading Supervision

Article 47 1 paragraphs

section_heading Article 47

Article 47(1) 1 paragraphs

paragraph 1. Member States shall provide that currency exchange and cheque cashing offices and trust or company service providers be licensed or registered and providers of gambling services be regulated.

Article 47(2) 1 paragraphs

paragraph 2. Member States shall require competent authorities to ensure that the persons who hold a management function in the entities referred to in paragraph 1, or are the beneficial owners of such...

Article 47(3) 1 paragraphs

paragraph 3. With respect to the obliged entities referred to in point (3)(a), (b) and (d) of Article 2(1), Member States shall ensure that competent authorities take the necessary measures to prevent...

Article 48 1 paragraphs

section_heading Article 48

Article 48(1) 1 paragraphs

paragraph 1. Member States shall require the competent authorities to monitor effectively, and to take the measures necessary to ensure, compliance with this Directive.

Article 48(2) 1 paragraphs

paragraph 2. Member States shall ensure that the competent authorities have adequate powers, including the power to compel the production of any information that is relevant to monitoring compliance and...

Section 3 1 paragraphs

section_heading SECTION 3

Section 3.Cooperation 1 paragraphs

section_heading Cooperation

Section 3.Cooperation.Subsection I 1 paragraphs

section_heading Subsection I

Section 3.Cooperation.Subsection I.National cooperation 1 paragraphs

section_heading National cooperation

Section 3.Cooperation.Subsection I.National cooperation.Article 49 2 paragraphs

section_heading Article 49

paragraph Member States shall ensure that policy makers, the FIUs, supervisors and other competent authorities involved in AML/CFT have effective mechanisms to enable them to cooperate and coordinate...

Subsection II 2 paragraphs

section_heading Subsection II

section_heading Cooperation with the ESAs

Article 50 2 paragraphs

section_heading Article 50

paragraph The competent authorities shall provide the ESAs with all the information necessary to allow them to carry out their duties under this Directive.

Subsection III 2 paragraphs

section_heading Subsection III

section_heading Cooperation between FIUs and with the Commission

Article 51 2 paragraphs

section_heading Article 51

paragraph The Commission may lend such assistance as may be needed to facilitate coordination, including the exchange of information between FIUs within the Union. It may regularly convene meetings of the...

Article 52 2 paragraphs

section_heading Article 52

paragraph Member States shall ensure that FIUs cooperate with each other to the greatest extent possible, regardless of their organisational status.

Article 53 1 paragraphs

section_heading Article 53

Article 53(1) 3 paragraphs

paragraph 1. Member States shall ensure that FIUs exchange, spontaneously or upon request, any information that may be relevant for the processing or analysis of information by the FIU related to money...

paragraph A request shall contain the relevant facts, background information, reasons for the request and how the information sought will be used. Different exchange mechanisms may apply if so agreed...

paragraph When an FIU receives a report pursuant to point (a) of the first subparagraph of Article 33(1) which concerns another Member State, it shall promptly forward it to the FIU of that Member State.

Article 53(2) 2 paragraphs

paragraph 2. Member States shall ensure that the FIU to whom the request is made is required to use the whole range of its available powers which it would normally use domestically for receiving and...

paragraph When an FIU seeks to obtain additional information from an obliged entity established in another Member State which operates on its territory, the request shall be addressed to the FIU of the...

Article 53(3) 1 paragraphs

paragraph 3. An FIU may refuse to exchange information only in exceptional circumstances where the exchange could be contrary to fundamental principles of its national law. Those exceptions shall be...

Article 54 2 paragraphs

section_heading Article 54

paragraph Information and documents received pursuant to Articles 52 and 53 shall be used for the accomplishment of the FIU's tasks as laid down in this Directive. When exchanging information and documents...

Article 55 3 paragraphs

section_heading Article 55

paragraph Member States shall ensure that the information exchanged pursuant to Articles 52 and 53 is used only for the purpose for which it was sought or provided and that any dissemination of that...

paragraph Member States shall ensure that the requested FIU's prior consent to disseminate the information to competent authorities is granted promptly and to the largest extent possible. The requested FIU...

Article 56 3 paragraphs

section_heading Article 56

paragraph Member States shall require their FIUs to use protected channels of communication between themselves and encourage the use of the FIU.net or its successor.

paragraph Member States shall ensure that, in order to fulfil their tasks as laid down in this Directive, their FIUs cooperate in the application of state-of-the-art technologies in accordance with their...

Article 57 2 paragraphs

section_heading Article 57

paragraph Differences between national law definitions of tax crimes shall not impede the ability of FIUs to exchange information or provide assistance to another FIU, to the greatest extent possible under...

SECTION 4 1 paragraphs

section_heading SECTION 4

SECTION 4.Sanctions 1 paragraphs

section_heading Sanctions

Article 58 4 paragraphs

section_heading Article 58

paragraph Member States shall ensure that obliged entities can be held liable for breaches of national provisions transposing this Directive in accordance with this Article and Articles 59 to 61. Any...

paragraph Without prejudice to the right of Member States to provide for and impose criminal sanctions, Member States shall lay down rules on administrative sanctions and measures and ensure that their...

paragraph Member States may decide not to lay down rules for administrative sanctions or measures for breaches which are subject to criminal sanctions in their national law. In that case, Member States...

Article 59 4 paragraphs

section_heading Article 59

paragraph 1. Member States shall ensure that this Article applies at least to breaches on the part of obliged entities that are serious, repeated, systematic, or a combination thereof, of the requirements...

paragraph 2. Member States shall ensure that in the cases referred to in paragraph 1, the administrative sanctions and measures that can be applied include at least the following: (a) a public statement...

paragraph 3. Member States shall ensure that, by way of derogation from paragraph 2(e), where the obliged entity concerned is a credit institution or financial institution, the following sanctions can also...

Article 60 1 paragraphs

section_heading Article 60

Article 60(1) 2 paragraphs

paragraph 1. Member States shall ensure that a decision imposing an administrative sanction or measure for breach of the national provisions transposing this Directive against which there is no appeal shall...

paragraph Where the publication of the identity of the persons responsible as referred to in the first subparagraph or the personal data of such persons is considered by the competent authority to be...

Article 60(1)(a) 1 paragraphs

paragraph (a) delay the publication of the decision to impose an administrative sanction or measure until the moment at which the reasons for not publishing it cease to exist;

Article 60(1)(b) 1 paragraphs

paragraph (b) publish the decision to impose an administrative sanction or measure on an anonymous basis in a manner in accordance with national law, if such anonymous publication ensures an effective...

Article 60(1)(c) 1 paragraphs

paragraph (c) not publish the decision to impose an administrative sanction or measure at all in the event that the options set out in points (a) and (b) are considered insufficient to ensure:

Article 60(1)(c)(i) 1 paragraphs

paragraph (i) that the stability of financial markets would not be put in jeopardy; or

Article 60(1)(c)(ii) 1 paragraphs

paragraph (ii) the proportionality of the publication of the decision with regard to measures which are deemed to be of a minor nature.

Article 60(2) 1 paragraphs

paragraph 2. Where Member States permit publication of decisions against which there is an appeal, competent authorities shall also publish, immediately, on their official website such information and any...

Article 60(3) 1 paragraphs

paragraph 3. Competent authorities shall ensure that any publication in accordance with this Article shall remain on their official website for a period of five years after its publication. However,...

Article 60(4) 1 paragraphs

paragraph 4. Member States shall ensure that when determining the type and level of administrative sanctions or measures, the competent authorities shall take into account all relevant circumstances,...

Article 60(4)(a) 1 paragraphs

paragraph (a) the gravity and the duration of the breach;

Article 60(4)(b) 1 paragraphs

paragraph (b) the degree of responsibility of the natural or legal person held responsible;

Article 60(4)(c) 1 paragraphs

paragraph (c) the financial strength of the natural or legal person held responsible, as indicated for example by the total turnover of the legal person held responsible or the annual income of the natural...

Article 60(4)(d) 1 paragraphs

paragraph (d) the benefit derived from the breach by the natural or legal person held responsible, insofar as it can be determined;

Article 60(4)(e) 1 paragraphs

paragraph (e) the losses to third parties caused by the breach, insofar as they can be determined;

Article 61 1 paragraphs

section_heading Article 61

Article 61(1) 1 paragraphs

paragraph 1. Member States shall ensure that competent authorities establish effective and reliable mechanisms to encourage the reporting to competent authorities of potential or actual breaches of the...

Article 61(2) 1 paragraphs

paragraph 2. The mechanisms referred to in paragraph 1 shall include at least:

Article 61(2)(a) 1 paragraphs

paragraph (a) specific procedures for the receipt of reports on breaches and their follow-up;

Article 61(2)(b) 1 paragraphs

paragraph (b) appropriate protection for employees or persons in a comparable position, of obliged entities who report breaches committed within the obliged entity;

Article 61(2)(c) 1 paragraphs

paragraph (c) appropriate protection for the accused person;

Article 61(2)(d) 1 paragraphs

paragraph (d) protection of personal data concerning both the person who reports the breaches and the natural person who is allegedly responsible for a breach, in compliance with the principles laid down...

Article 61(2)(e) 1 paragraphs

paragraph (e) clear rules that ensure that confidentiality is guaranteed in all cases in relation to the person who reports the breaches committed within the obliged entity, unless disclosure is required...

Article 61(3) 1 paragraphs

paragraph 3. Member States shall require obliged entities to have in place appropriate procedures for their employees, or persons in a comparable position, to report breaches internally through a specific,...

Article 62 1 paragraphs

section_heading Article 62

Article 62(1) 1 paragraphs

paragraph 1. Member States shall ensure that their competent authorities inform the ESAs of all administrative sanctions and measures imposed in accordance with Articles 58 and 59 on credit institutions and...

Article 62(2) 1 paragraphs

paragraph 2. Member States shall ensure that their competent authorities, in accordance with their national law, check the existence of a relevant conviction in the criminal record of the person concerned....

Article 62(3) 1 paragraphs

paragraph 3. The ESAs shall maintain a website with links to each competent authority's publication of administrative sanctions and measures imposed in accordance with Article 60 on credit institutions and...

CHAPTER VII 1 paragraphs

section_heading CHAPTER VII FINAL PROVISIONS

Article 63 2 paragraphs

section_heading Article 63

paragraph Point (d) of paragraph 2 of Article 25 of Regulation (EU) No 648/2012 of the European Parliament and the Council (1) is replaced by the following: ‘(d) the CCP is established or authorised in a...

Article 64 6 paragraphs

section_heading Article 64

paragraph 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article.

paragraph 2. The power to adopt delegated acts referred to in Article 9 shall be conferred on the Commission for an indeterminate period of time from 25 June 2015.

paragraph 3. The power to adopt delegated acts referred to in Article 9 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of...

paragraph 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.

paragraph 5. A delegated act adopted pursuant to Article 9 shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of one month of...

Article 65 2 paragraphs

section_heading Article 65

paragraph By 26 June 2019, the Commission shall draw up a report on the implementation of this Directive and submit it to the European Parliament and to the Council.

Article 66 3 paragraphs

section_heading Article 66

paragraph Directives 2005/60/EC and 2006/70/EC are repealed with effect from 26 June 2017.

paragraph References to the repealed Directives shall be construed as references to this Directive and shall be read in accordance with the correlation table set out in Annex IV.

Article 67 3 paragraphs

section_heading Article 67

paragraph 1. Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 26 June 2017. They shall immediately communicate the text of...

paragraph 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.

Article 68 2 paragraphs

section_heading Article 68

paragraph This Directive shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Article 69 2 paragraphs

section_heading Article 69

paragraph This Directive is addressed to the Member States.

ANNEX I 1 paragraphs

section_heading ANNEX I

ANNEX II 1 paragraphs

section_heading ANNEX II

(1)(a) 2 paragraphs

paragraph (a) public companies listed on a stock exchange and subject to disclosure requirements (either by stock exchange rules or through law or enforceable means), which impose requirements to ensure...

paragraph (a) the business relationship is conducted in unusual circumstances;

(1)(b) 2 paragraphs

paragraph (b) public administrations or enterprises;

paragraph (b) customers that are resident in geographical areas of higher risk as set out in point (3);

(1)(c) 2 paragraphs

paragraph (c) customers that are resident in geographical areas of lower risk as set out in point (3);

paragraph (c) legal persons or arrangements that are personal asset-holding vehicles;

(2)(a) 2 paragraphs

paragraph (a) life insurance policies for which the premium is low;

paragraph (a) private banking;

(2)(b) 2 paragraphs

paragraph (b) insurance policies for pension schemes if there is no early surrender option and the policy cannot be used as collateral;

paragraph (b) products or transactions that might favour anonymity;

(2)(c) 2 paragraphs

paragraph (c) a pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages, and the scheme rules do not permit the...

paragraph (c) non-face-to-face business relationships or transactions, without certain safeguards, such as electronic signatures;

(2)(d) 2 paragraphs

paragraph (d) financial products or services that provide appropriately defined and limited services to certain types of customers, so as to increase access for financial inclusion purposes;

paragraph (d) payment received from unknown or unassociated third parties;

(2)(e) 2 paragraphs

paragraph (e) products where the risks of money laundering and terrorist financing are managed by other factors such as purse limits or transparency of ownership (e.g. certain types of electronic money);

paragraph (e) new products and new business practices, including new delivery mechanism, and the use of new or developing technologies for both new and pre-existing products;

(3) 2 paragraphs

section_heading (3) Geographical risk factors:

(3)(a) 2 paragraphs

paragraph (a) Member States;

paragraph (a) without prejudice to Article 9, countries identified by credible sources, such as mutual evaluations, detailed assessment reports or published follow-up reports, as not having effective...

(3)(b) 2 paragraphs

paragraph (b) third countries having effective AML/CFT systems;

paragraph (b) countries identified by credible sources as having significant levels of corruption or other criminal activity;

(3)(c) 2 paragraphs

paragraph (c) third countries identified by credible sources as having a low level of corruption or other criminal activity;

paragraph (c) countries subject to sanctions, embargos or similar measures issued by, for example, the Union or the United Nations;

(3)(d) 2 paragraphs

paragraph (d) third countries which, on the basis of credible sources such as mutual evaluations, detailed assessment reports or published follow-up reports, have requirements to combat money laundering and...

paragraph (d) countries providing funding or support for terrorist activities, or that have designated terrorist organisations operating within their country.

ANNEX III 1 paragraphs

section_heading ANNEX III

(1)(d) 1 paragraphs

paragraph (d) companies that have nominee shareholders or shares in bearer form;

(1)(e) 1 paragraphs

paragraph (e) businesses that are cash-intensive;

(1)(f) 1 paragraphs

paragraph (f) the ownership structure of the company appears unusual or excessively complex given the nature of the company's business;

ANNEX IV 1 paragraphs

section_heading ANNEX IV

Phase 1: PDF Ingestion

Document Metadata

Structure Summary

Sections

Processing Log

Page	Elements	Success
1	21	Yes
2	18	Yes
3	7	Yes
4	13	Yes
5	11	Yes
6	10	Yes
7	13	Yes
8	8	Yes
9	12	Yes
10	15	Yes
11	31	Yes
12	35	Yes
13	30	Yes
14	23	Yes
15	25	Yes
16	24	Yes
17	21	Yes
18	22	Yes
19	28	Yes
20	26	Yes
21	25	Yes
22	18	Yes
23	25	Yes
24	20	Yes
25	21	Yes
26	21	Yes
27	21	Yes
28	21	Yes
29	21	Yes
30	18	Yes
31	16	Yes
32	17	Yes
33	21	Yes
34	21	Yes
35	20	Yes
36	8	Yes
37	20	Yes
38	28	Yes
39	20	Yes
40	10	Yes
41	9	Yes
42	21	Yes
43	24	Yes
44	5	Yes
45	4	Yes

Page	Elements	Success
1	21	Yes
2	18	Yes
3	7	Yes
4	13	Yes
5	11	Yes
6	10	Yes
7	13	Yes
8	8	Yes
9	12	Yes
10	15	Yes
11	31	Yes
12	35	Yes
13	30	Yes
14	23	Yes
15	25	Yes
16	24	Yes
17	21	Yes
18	22	Yes
19	28	Yes
20	26	Yes
21	25	Yes
22	18	Yes
23	25	Yes
24	20	Yes
25	21	Yes
26	21	Yes
27	21	Yes
28	21	Yes
29	21	Yes
30	18	Yes
31	16	Yes
32	17	Yes
33	21	Yes
34	21	Yes
35	20	Yes
36	8	Yes
37	20	Yes
38	28	Yes
39	20	Yes
40	10	Yes
41	9	Yes
42	21	Yes
43	24	Yes
44	5	Yes
45	4	Yes

Page	Elements	Success
1	21	Yes
2	18	Yes
3	7	Yes
4	13	Yes
5	11	Yes
6	10	Yes
7	13	Yes
8	8	Yes
9	12	Yes
10	15	Yes
11	31	Yes
12	35	Yes
13	30	Yes
14	23	Yes
15	25	Yes
16	24	Yes
17	21	Yes
18	22	Yes
19	28	Yes
20	26	Yes
21	25	Yes
22	18	Yes
23	25	Yes
24	20	Yes
25	21	Yes
26	21	Yes
27	21	Yes
28	21	Yes
29	21	Yes
30	18	Yes
31	16	Yes
32	17	Yes
33	21	Yes
34	21	Yes
35	20	Yes
36	8	Yes
37	20	Yes
38	28	Yes
39	20	Yes
40	10	Yes
41	9	Yes
42	21	Yes
43	24	Yes
44	5	Yes
45	4	Yes