Activities of Gunnar BECK related to 2021/0239(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
Amendments (118)
Amendment 129 #
Proposal for a regulation
Recital 3
Recital 3
(3) This new instrument is part of a comprehensive package aiming at strengthening the Union’s AML/CFT framework. Together, this instrument, Directive [please insert reference –- proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final], Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final] and the Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final] will form the legal framework governing the AML/CFT requirements to be met by obliged entities and underpinning the Union’s AML/CFT institutional framework, including the establishment of an Authority for anti- money laundering and countering the finrevising the powers of the European Banking Authority (EBA) [please insert reference - ] will form the legal framework governing the AML/CFT requirements to be met by obliged entities, in addition to a single regulatory and supervisory framework for the entire EU bancking of terrorism (‘AMLA’)sector.
Amendment 131 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Currently, it is estimated that about 1.5% of the European Union's GDP is subject to money laundering and about 1% of the money is ultimately confiscated.1a _________________ 1a https://eur-lex.europa.eu/legal- content/FR/TXT/?uri=CELEX%3A52021 SC0190
Amendment 133 #
Proposal for a regulation
Recital 6
Recital 6
(6) Technology keeps evolving, offering opportunities to the private sector to develop new products and systems to exchange funds or value. While this is a positive phenomenon, it may generate new money laundering and terrorist financing risks, as criminals continuously manage to find ways to exploit vulnerabilities in order to hide and move illicit funds around the world. Crypto-assets service providers and crowdfunding platforms are exposed to the misuse of new channels for the movement of illicit money and are well placed to detect such movements and mitigate risks. The scope of Union legislation should therefore be expanded to cover these entities, in line with the recent developments in FATF standardsadopting the proposed recommendations by FATF´s updated guidance in relation to crypto-assets.
Amendment 139 #
Proposal for a regulation
Recital 11
Recital 11
(11) Directive (EU) 2018/843 was the first legal instrument to address the risks of money laundering and terrorist financing posed by crypto-assets in the Union. It extended the scope of the AML/CFT framework to two types of crypto-assets services providers: providers engaged in exchange services between virtual currencies and fiat currencies and custodian wallet providers. Due to rapid technological developments and the advancement in FATF standards, it is necessary to review this approach. A first step to complete and update the Union legal framework has been achieved with Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 - COM/2020/593 final], which set requirements for crypto-asset service providers wishing to apply for an authorisation to provide their services in the single market. It also introduced a definition of crypto-assets and crypto- assets services providers encompassing a broader range of activities. Crypto-asset service providers covered by Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937 - COM/2020/593 final] should also be covered by this Regulation in a fair, regulatory certain and proportionate manner, to mitigate any risk of misuse of crypto-assets for money laundering or terrorist financing purposes.
Amendment 143 #
Proposal for a regulation
Recital 14
Recital 14
Amendment 149 #
(14) Directive (EU) 2015/849 set out to mitigate the money laundering and terrorist financing risks posed by large cash payments by including persons trading in goods among obliged entities when they make or receive payments in cash above EUR 10 000, whilst allowing Member States to introduce stricter measures. Such approach has shown to be ineffective in light of the poor understanding and application of AML/CFT requirements, lack of supervision and limited number of suspicious transactions reported to the FIU. In order to adequately mitigate potential risks deriving from the misuse of large cash sums, a Union-wide limit to large cash transactions above EUR 10 .000 should be laid down, and in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured. As a consequence, persons trading in goods should no longer be subject to AML/CFT obligations.
Amendment 155 #
Proposal for a regulation
Recital 19
Recital 19
(19) It is important that AML/CFT requirements apply in a proportionate manner and that the imposition of any requirement is proportionate to the role that obliged entities can play in the prevention of money laundering and terrorist financing. To this end, it should be possible for Member States in line with the risk base approach of this Regulation to exempt certain operators from AML/CFT requirements, such as non-custodial cold wallet providers, where the activities they perform present low money laundering and terrorist financing risks and where the activities are limited in nature. To ensure transparent and consistent application of such exemptions across the Union, a mechanism should be put in place allowing the Commission to verify the necessity of the exemptions to be granted. Tthe Commission should also publish such exemptions on a yearly basis in the Official Journal of the European Union.
Amendment 158 #
Proposal for a regulation
Recital 20
Recital 20
(20) A consistent set of rules on internal systems and controls that applies to all obliged entities operating in the internal market will strengthen AML/CFT compliance and make supervision more effective. In order to ensure adequate mitigation of money laundering and terrorist financing risks, obliged entities should have in place an internal control framework consisting of risk–based policies, controls and procedures and clear division of responsibilities throughout the organisation. In line with the risk-based approach of this Regulation, those policies, controls and procedures should be proportionate to the nature, activity and size of the obliged entity and respond to the risks of money laundering and terrorist financing that the entity faces.
Amendment 159 #
Proposal for a regulation
Recital 20
Recital 20
(20) A consistent set of rules on internal systems and controls that applies to all obliged entities operating in the internal market will strengthen AML/CFT compliance and make supervision more effective. In order to ensure adequate mitigation of money laundering and terrorist financing risks, obliged entities should have in place an internal control framework consisting of risk–based policies, controls and procedures and clear division of responsibilities throughout the organisation. In line with the risk-based approach of this Regulation, those policies, controls and procedures should be proportionate to the nature and sizeactivity of the obliged entity and respond to the risks of money laundering and terrorist financing that the entity faces.
Amendment 171 #
Proposal for a regulation
Recital 28
Recital 28
(28) The consistent implementation of group-wide AML/CFT policies and procedures is key to the robust and effective management of money laundering and terrorist financing risks within the group. To this end, group-wide policies, controls and procedures should be adopted and implemented by the parent undertaking. Obliged entities within the group should be required to exchange information when such sharing is relevant for preventing money laundering and terrorist financing. Information sharing should be subject to sufficient guarantees in terms of confidentiality, data protection and use of information. AMLThe EBA should have its powers extended to include the task of drawing up draft regulatory standards specifying the minimum requirements of group-wide procedures and policies, including minimum standards for information sharing within the group and the role and responsibilities of parent undertakings that are not themselves obliged entities.
Amendment 173 #
Proposal for a regulation
Recital 29
Recital 29
(29) In addition to groups, other structures exist, such as networks or partnerships, in which obliged entities might share common ownership, management and compliance controls. To ensure a level playing field across the sectors whilst avoiding overburdening it, AMLthe EBA should identify those situations where similar group-wide policies should apply to those structures.
Amendment 175 #
Proposal for a regulation
Recital 30
Recital 30
(30) There are circumstances where branches and subsidiaries of obliged entities are located in third countries where the minimum AML/CFT requirements, including data protection obligations, are less strict than the Union AML/CFT framework. In such situations, and in order to fully prevent the use of the Union financial system for the purposes of money laundering and terrorist financing and to ensure the highest standard of protection for personal data of Union citizens, those branches and subsidiaries should comply with AML/CFT requirements laid down at Union level. Where the law of a third country does not permit compliance with those requirements, for example because of limitations to the group's ability to access, process or exchange information due to an insufficient level of data protection or banking secrecy law in the third country, obliged entities should take additional measures to ensure the branches and subsidiaries located in that country effectively handle the risks. AMLThe EBA should be tasked with developing draft technical standards specifying the type of such additional measures.
Amendment 179 #
Proposal for a regulation
Recital 33
Recital 33
(33) Obliged entities should not be required to apply due diligence measures on customers carrying out occasional or linked transactions below a certain value, unless there is suspicion of money laundering or terrorist financing. Whereas the EUR 10 000 threshold applies to most occasional transactions, obliged entities which operate in sectors or carry out transactions that present a higher risk of money laundering and terrorist financing should be required to apply customer due diligence for transactions with lower thresholds. To identify the sectors or transactions as well as the adequate thresholds for those sectors or transactions, AMLthe EBA should develop dedicated draft regulatory technical standards.
Amendment 185 #
Proposal for a regulation
Recital 40
Recital 40
(40) To ensure the effectiveness of the AML/CFT framework, obliged entities should regularly review the information obtained from their customers, in accordance with the risk-based approach. Obliged entities should also set up a monitoring system to detect atypical transactions that might raise money laundering or terrorist financing suspicions. To ensure the effectiveness of the transaction monitoring, obliged entities’ monitoring activity should in principle cover all services and products offered to customers and all transactions which are carried out on behalf of the costumer or offered to the customer by the obliged entity. However, not all transactions need to be scrutinised individually. The intensity of the monitoring should respect the risk- based approach and be designed around precise and relevant criteria, taking account, in particular, of the characteristics of the customers and the risk level associated with them, the products and services offered, and the countries or geographical areas concerned. AMLThe EBA should develop guidelines to ensure that the intensity of the monitoring of business relationships and of transactions is adequate and proportionate to the level of risk.
Amendment 186 #
Proposal for a regulation
Recital 41
Recital 41
(41) In order to ensure consistent application of this Regulation, AMLthe EBA should have the task of drawing up draft regulatory technical standards on customer due diligence. Those regulatory technical standards should set out the minimum set of information to be obtained by obliged entities in order to enter into new business relationships with customers or assess ongoing ones, according to the level of risk associated with each customer. Furthermore, the draft regulatory technical standards should provide sufficient clarity to allow market players to develop secure, accessible and innovative means of verifying customers’ identity and performing customer due diligence, also remotely, while respecting the principle of technology neutrality. The Commission should be empowered to adopt those draft regulatory technical standards. Those specific tasks armust be in line with the role and responsibilities of AMLA as provided in Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 finalspecified by the Regulation revising the powers of the EBA [please insert reference – These specific tasks should be included in Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010, defining the EBA's competences].
Amendment 187 #
Proposal for a regulation
Recital 45
Recital 45
(45) In low risk situations, obliged entities should be able to apply simplified customer due diligence measures. This does not equate to an exemption or absence of customer due diligence measures. It rather consists in a simplified or reduced set of scrutiny measures, which should however address all components of the standard customer due diligence procedure. In line with the risk-based approach, obliged entities should nevertheless be able to reduce the frequency or intensity of their customer or transaction scrutiny, or rely on adequate assumptions with regard to the purpose of the business relationship or use of simple products. The regulatory technical standards on customer due diligence should set out the specific simplified measures that obliged entities may implement in case of lower risk situations identified in the Supranational Risk Assessment of the Commission. When developing draft regulatory technical standards, AMLthe EBA should have due regard to preserving social and financial inclusion.
Amendment 193 #
Proposal for a regulation
Recital 50
Recital 50
(50) Third countries “subject to a call for action” by the relevant international standard-setter (the FATF) present significant strategic deficiencies of a persistent nature in their legal and institutional AML/CFT frameworks and their implementation which are likely to pose a high risk to the Union’s financial system. The persistent nature of the significant strategic deficiencies, reflective of the lack of commitment or continued failure by the third country to tackle them, signal a heightened level of threat emanating from those third countries, which requires an effective, consistent and harmonised mitigating response at Union level. Therefore, obliged entities should be required to apply the whole set of available enhanced due diligence measures to occasional transactions and business relationships involving those high-risk third countries to manage and mitigate the underlying risks. Furthermore, the high level of risk justifies the application of additional specific countermeasures, whether at the level of obliged entities or by the Member States. Such approach would avoid divergence in the determination of the relevant countermeasures, which would expose the entirety of Union’s financial system to risks. Given its technical expertise, AMLthe EBA can provide useful input to the Commission in identifying the appropriate countermeasures.
Amendment 194 #
Proposal for a regulation
Recital 51
Recital 51
(51) Compliance weaknesses in both the legal and institutional AML/CFT framework and its implementation of third countries which are subject to “increased monitoring” by the FATF are susceptible to be exploited by criminals. This is likely to represent a risk for the Union’s financial system, which needs to be managed and mitigated. The commitment of these third countries to address identified weaknesses, while not eliminating the risk, justifies a mitigating response, which is less severe than the one applicable to high-risk third countries. In these cases, Union’s obliged entities should apply enhanced due diligence measures to occasional transactions and business relationships when dealing with natural persons or legal entities established in those third countries that are tailored to the specific weaknesses identified in each third country. Such granular identification of the enhanced due diligence measures to be applied would, in line with the risk-based approach, also ensure that the measures are proportionate to the level of risk. To ensure such consistent and proportionate approach, the CommissionABE should be able to identify which specific enhanced due diligence measures are required in order to mitigate country- specific risks. Given AMLA’s technical expertise, it can provide useful input to the Commission to identify the appropriate enhanced due diligence measures.
Amendment 200 #
Proposal for a regulation
Recital 52
Recital 52
(52) Countries that are not publicly identified as subject to calls for actions or increased monitoring by international standard setters might still pose a threat to the integrity of the Union’s financial system. To mitigate those risks, it should be possible for the CommissionABE to take action by identifying, based on a clear set of criteria and with the support of AMLA, third countries posing a specific and serious threat to the Union’s financial system, which may be due to either compliance weaknesses or significant strategic deficiencies of a persistent nature in their AML/CFT regime, and the relevant mitigating measures. Those third countries should be identified by the CommissionEBA. According to the level of risk posed to the Union’s financial system, the CommissionEBA should require the application of either all enhanced due diligence measures and country-specific countermeasures, as it is the case for high-risk third countries, or country-specific enhanced customer due diligence, such as in the case of third countries with compliance weaknesses.
Amendment 203 #
Proposal for a regulation
Recital 54
Recital 54
(54) Potential external threats to the Union’s financial system do not only emanate from third countries, but can also emerge in relation to specific customer risk factors or products, services, transactions or delivery channels which are observed in relation to a specific geographical area outside the Union. There is therefore a need to identify money laundering and terrorist financing trends, risks and methods to which Union’s obliged entities may be exposed. AMLThe EBA is best placed to detect any emerging ML/TF typologies from outside the Union, to monitor their evolution with a view to providing guidance to the Union’s obliged entities on the need to apply enhanced due diligence measures aimed at mitigating such risks.
Amendment 204 #
Proposal for a regulation
Recital 55
Recital 55
(55) Relationships with individuals who hold or who have held important public functions, within the Union or internationally, and particularly individuals from countries where corruption is widespread, may expose the financial sector to significant reputational and legal risks. The international effort to combat corruption also justifies the need to pay particular attention to such persons and to apply appropriate enhanced customer due diligence measures with respect to persons who are or who have been entrusted with prominent public functions and with respect to senior figures in international organisations. Therefore, it is necessary to specify measures which obliged entities should apply with respect to transactions or business relationships with politically exposed persons. To facilitate the risk- based approach, AMLthe EBA should be tasked with issuing guidelines on assessing the level of risks associated with a particular category of politically exposed persons, their family members or persons known to be close associates.
Amendment 206 #
Proposal for a regulation
Recital 57
Recital 57
(57) When customers are no longer entrusted with a prominent public function, they can still pose a higher risk, for example because of the informal influence they could still exercise, or because their previous and current functions are linked. It is essential that obliged entities take into consideration those continuing risks and apply one or more enhanced due diligence measures until such time that the individuals are deemed to pose no further risk, and in any case for not less than 12 months following the time when they are no longer entrusted with a prominent public function. At the end of the 12- month period, an assessment will be made to determine if the person still poses a risk.
Amendment 207 #
Proposal for a regulation
Recital 57
Recital 57
(57) When customers are no longer entrusted with a prominent public function, they can still pose a higher risk, for example because of the informal influence they could still exercise, or because their previous and current functions are linked. It is essential that obliged entities take into consideration those continuing risks and apply one or more enhanced due diligence measures until such time that the individuals are deemed to pose no further risk, and in any case for not less than 1236 months following the time when they are no longer entrusted with a prominent public functionrom the moment the reason for why that person was considered a PEP, disappears. The assessment of whether that person poses an additional risk should be evaluated on an annual basis, until such additional risk ceases.
Amendment 208 #
Proposal for a regulation
Recital 59
Recital 59
(59) Close private and professional relationships can be abused for money laundering and terrorist financing purposes. For that reason, measures concerning politically exposed persons should also apply to their family members and persons known to be close associates. Properly identifying family members and persons known to be close associates may depend on the socio-economic and cultural structure of the country of the politically exposed person. Against this background, AMLthe EBA should have the task of issuing guidelines on the criteria to use to identify persons who should be considered as close associate.
Amendment 216 #
Proposal for a regulation
Recital 63
Recital 63
(63) In order for third party reliance and outsourcing relationships to function efficiently, further clarity is needed around the conditions according to which reliance takes place. AMLThe EBA should have the task of developing guidelines on the conditions under which third-party reliance and outsourcing can take place, as well as the roles and responsibilities of the respective parties. To ensure that consistent oversight of reliance and outsourcing practices is ensured throughout the Union, the guidelines should also provide clarity on how supervisors should take into account such practices and verify compliance with AML/CFT requirements when obliged entities resort to those practices.
Amendment 232 #
Proposal for a regulation
Recital 78
Recital 78
(78) Differences in suspicious transaction reporting obligations between Member States may exacerbate the difficulties in AML/CFT compliance experienced by obliged entities that have a cross-border presence or operations. Moreover, the structure and content of the suspicious transaction reports have an impact on the FIU’s capacity to carry out analysis and on the nature of that analysis, and also affects FIUs’ abilities to cooperate and to exchange information. In order to facilitate obliged entities’ compliance with their reporting obligations and allow for a more effective functioning of FIUs’ analytical activities and cooperation, AMLthe EBA should develop draft regulatory standards specifying a common template for the reporting of suspicious transactions to be used as a uniform basis throughout the Union.
Amendment 235 #
Proposal for a regulation
Recital 93
Recital 93
(93) The anonymity of crypto- assets could exposes them to risks of misuse for criminal purposes. Anonymous crypto- asset wallets do not allow the traceability of crypto-asset transfers, whilst also making it difficult to identify linked transactions that may raise suspicion or to apply to adequate level of customer due diligence. In order to ensure effective application of AML/CFT requirements to crypto-assets, it is necessary to prohibit the provision and the custody of anonymous crypto-asset wallets by crypto-asset service providersIn order to ensure effective and proportionate application of AML/CFT requirements to crypto-assets, it is necessary to establish a clear policy on how to measure the level of risk of anonymous wallets without engaging in premature prohibition.
Amendment 236 #
Proposal for a regulation
Recital 93
Recital 93
(93) TAlthough the anonymity of crypto- assets may exposes them to a risks of misuse for criminal purposes. Anonymous crypto- asset wallets do not allow the traceability of crypto-asset transfers, whilst also making it difficult to identify linked transactions that may raise suspicion or to apply to adequate level of customer due diligence. In order to ensure effective application of AML/CFT requirements to crypto-assets, it is necessary to prohibit the provision and the custody of anonymous crypto-asset, there must be no further regulation or even banning of cryptocurrencies on the part of the European Union under the pretext of fighting crime. Digital innovations such as crypto-technology should be protected because they make it possible for people to diversify their portfolio and protect themselves from risks of ECB-induced euro inflation. By abandoning everyone’s freedom in order to achieve a supposed maximum level of security, the risk is that, ultimately, both freedom and security waillets by crypto- asset service providers be lost.
Amendment 242 #
Proposal for a regulation
Recital 94
Recital 94
(94) The use of large cash payments is highly vulnerable to money laundering and terrorist financing; this has not been sufficiently mitigated by the requirement for traders in goods to be subject to anti- money laundering rules when making or receiving cash payments of EUR 10 000 or more. At the same time, differences in approaches among Member States have undermined the level playing field within the internal market to the detriment of businesses located in Member States with stricter controls. It is therefore necessary to introduce a Union-wide limit to large cash payments of EUR 10 000. Member States should be able to adopt lower thresholds and further stricter provisions, but in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5000 for cash payments should be ensured.
Amendment 243 #
Proposal for a regulation
Recital 94
Recital 94
(94) The use of large cash payments is highly vulnerable toNo Union-wide limit on cash payments must be introduced on the pretext of combating money laundering and terrorist financing; this has not been, since that would mean casting suffspiciently mitigated by the requirement for traders in goods to be subject to anti- money laundering rules when making or ron on all citizens and risks gradually abolishing cash and may lead to new forms of cybercrime. Moreover, there are further dangers stemming from cash limits or indeed the prospecetiving cash payments of EUR 10 000 or more. At the same time, differences in approaches among Member States have undermined the level playing field within the internal market to the detriment of businese abolition of cash, i.e. blanket monitoring of citizens by the European Union in a data collecting frenzy, continuing enforcement of negative interest rates and thus the expropriation of savers to the delight of the banks, whoses located in Member States with stricter controls. It is therefore neiquidity problem, which is caused by very low minimum reserve ratios, would suddenly be solved, and bank runs would be impossible, sinces sary to introduce a Union-wide limit to large cash payments of EUR 10 000. Member States should be able to adopt lower thresholds and further stricter provisionsvers would simply no longer be able to withdraw anything from their accounts. Cash is coined liberty, but it risks being lost in an insidious fashion once cash limits are introduced.
Amendment 249 #
Proposal for a regulation
Recital 95
Recital 95
Amendment 280 #
Proposal for a regulation
Article 2 – paragraph 1 – point 20 a (new)
Article 2 – paragraph 1 – point 20 a (new)
(20a) ‘non-compliant crypto-asset service provider’ means a crypto-asset service provider that is unaffiliated with a regulated entity or that operates in the Union without authorisation under Regulation (EU) 2021/... [Regulation on Markets in Crypto-assets];
Amendment 287 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point i
Article 2 – paragraph 1 – point 25 – point a – point i
(i) heads of State, heads of government, ministers and deputy or assistant ministers and all other members of government;
Amendment 289 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point ii
Article 2 – paragraph 1 – point 25 – point a – point ii
(ii) mMembers of parliament orand of similar legislative bodies;, and all members of parliamentary bodies, at national and regional level.
Amendment 293 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point iii
Article 2 – paragraph 1 – point 25 – point a – point iii
(iii) members of the governing bodies of political parties, at national and regional level;
Amendment 294 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point iv
Article 2 – paragraph 1 – point 25 – point a – point iv
(iv) 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;
Amendment 295 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point vi
Article 2 – paragraph 1 – point 25 – point a – point vi
(vi) ambassadors, heads of consular posts, chargés d'affaires and high-ranking officers in the armed forces;
Amendment 296 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point vii
Article 2 – paragraph 1 – point 25 – point a – point vii
(vii) members of the administrative, management or supervisory bodies of Swholly or partly state-owned enterprises or entities belonging to the public corporate sector, including the corporate, regional and local sectors;
Amendment 297 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point vii a (new)
Article 2 – paragraph 1 – point 25 – point a – point vii a (new)
(viia) public managers and members of the board of directors of a State-owned enterprise, exercising executive functions;
Amendment 299 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point vii b (new)
Article 2 – paragraph 1 – point 25 – point a – point vii b (new)
(viib) holders of the management body of a company in which the State holds a stake, when designated by the latter;
Amendment 300 #
Proposal for a regulation
Article 2 – paragraph 1 – point 25 – point a – point vii c (new)
Article 2 – paragraph 1 – point 25 – point a – point vii c (new)
(viic) Members of management and supervisory bodies of public institutes, public foundations, non-profit organisations, public establishments and independent administrative bodies;
Amendment 314 #
Proposal for a regulation
Article 2 – paragraph 1 – point 32
Article 2 – paragraph 1 – point 32
(32) ‘supervisor’ means the body entrusted with responsibilities aimed at ensuring compliance by obliged entities with the requirements of this Regulation, including the Authority for anti-money laundering and countering the financing of terrorism (AMLA) when performing the tasks entrusted on it in Article 5(2) of Regulation [please insert reference – proposal for establishment of an Anti- Money Laundering Authority - COM/2021/421 final]European Banking Authority (EBA) in accomplishing the tasks relating to anti-money laundering and countering the financing of terrorism;
Amendment 316 #
Proposal for a regulation
Article 2 – paragraph 1 – point 35
Article 2 – paragraph 1 – point 35
(35) ‘targeted financial sanctions’ means both asset freezing and confiscation and prohibitions to make funds or other assets available, directly or indirectly, for the benefit of designated persons and entities pursuant to Council Decisions adopted on the basis of Article 29 of the Treaty on European Union and Council Regulations adopted on the basis of Article 215 of the Treaty on the Functioning of the European Union;
Amendment 318 #
Proposal for a regulation
Article 2 – paragraph 1 – point 36 a (new)
Article 2 – paragraph 1 – point 36 a (new)
(36a) ‘AML Compliance Entity’, means an entity or digital platform that fully complies with General Data Protection Regulation (GDPR) and contributes to effective compliance with the objectives and obligations set out in this Regulation.
Amendment 319 #
Proposal for a regulation
Article 2 – paragraph 1 – point 36 a (new)
Article 2 – paragraph 1 – point 36 a (new)
Amendment 325 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
(2) financial institutions, except for providers of payment initiation services and account information services;
Amendment 382 #
Proposal for a regulation
Article 6 – paragraph 2
Article 6 – paragraph 2
Amendment 384 #
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
Amendment 386 #
Proposal for a regulation
Article 6 – paragraph 4
Article 6 – paragraph 4
Amendment 388 #
Proposal for a regulation
Article 6 – paragraph 5
Article 6 – paragraph 5
5. The Commission shall publish every year in the Official Journal of the European Union the list of exemptions granted pursuant to this Article.
Amendment 397 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Those policies, controls and procedures shall be proportionate to the nature, activity and size of the obliged entity.
Amendment 398 #
Proposal for a regulation
Article 7 – paragraph 1 – subparagraph 1
Article 7 – paragraph 1 – subparagraph 1
Those policies, controls and procedures shall be proportionate to the nature and sizeactivity of the obliged entity.
Amendment 405 #
Proposal for a regulation
Article 7 – paragraph 4
Article 7 – paragraph 4
4. By [2 years after the entry into force of this Regulation], AMLthe EBA shall issue guidelines on the elements that obliged entities should take into account when deciding on the extent of their internal policies, controls and procedures.
Amendment 410 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Obliged entities shall take appropriate measures, proportionate to their nature, activity and size, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non- implementation and evasion of proliferation financing- related targeted financial sanctions, taking into account:
Amendment 411 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Obliged entities shall take appropriate measures, proportionate to their nature and sizeactivity, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non- implementation and evasion of proliferation financing- related targeted financial sanctions, taking into account:
Amendment 414 #
Proposal for a regulation
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Obliged entities shall take appropriate measures, proportionate to their nature, activity and size, to identify and assess the risks of money laundering and terrorist financing to which they are exposed, as well as the risks of non- implementation and evasion of proliferation financing- related targeted financial sanctions, taking into account:
Amendment 445 #
Proposal for a regulation
Article 11 – paragraph 3 – introductory part
Article 11 – paragraph 3 – introductory part
3. Obliged entities shall have in place appropriate procedures for their employees, or persons in a comparable position, to report breaches of this Regulation internally through a specific, independent and anonymous channel, proportionate to the nature, activity and size of the obliged entity concerned.
Amendment 446 #
Proposal for a regulation
Article 11 – paragraph 3 – introductory part
Article 11 – paragraph 3 – introductory part
3. Obliged entities shall have in place appropriate procedures for their employees, or persons in a comparable position, to report breaches of this Regulation internally through a specific, independent and anonymous channel, proportionate to the nature and sizeactivity of the obliged entity concerned.
Amendment 454 #
Proposal for a regulation
Article 13 – paragraph 3
Article 13 – paragraph 3
3. By [2two years after the date of entry into force of this Regulation] AMLDirective], the EBA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify the minimum requirements of group-wide policies, including minimum standards for information sharing within the group, the role and responsibilities of parent undertakings that are not themselves obliged entities with respect to ensuring group-wide compliance with AML/CFT requirements and the conditions under which the provisions of this Article apply to entities that are part of structures which share common ownership, management or compliance control, including networks or partnerships.
Amendment 458 #
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. By [2two years after the date of entry into force of this Regulation] AMLDirective], the EBA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify the type of additional measures referred to in paragraph 2, including the minimum action to be taken by obliged entities where the law of a third country does not permit the implementation of the measures required under Article 13 and the additional supervisory actions required in such cases.
Amendment 461 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
1a. By way of derogation from the first subparagraph, point (b), obliged entities shall apply customer due diligence measures when involved in or carrying out an occasional transaction involving crypto-assets that amounts to EUR 5 000 or more, or the equivalent in national currency, whether the transaction is carried out in a single operation or through linked transactions.
Amendment 471 #
Proposal for a regulation
Article 15 – paragraph 5 – introductory part
Article 15 – paragraph 5 – introductory part
5. By [2two years after the date of entry into force of this Regulation] AMLDirective], the EBA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify:
Amendment 474 #
Proposal for a regulation
Article 15 – paragraph 5 – subparagraph 1 – introductory part
Article 15 – paragraph 5 – subparagraph 1 – introductory part
When developing the draft regulatory technical standards referred to in the first sub-paragraph, AMLthe EBA shall take due account of the following:
Amendment 478 #
Proposal for a regulation
Article 15 a (new)
Article 15 a (new)
Article 15a 1. By way of derogation from points (a), (b) and (c) of the first subparagraph of Article 16(1) and Articles 17 and 19, and based on an appropriate risk assessment which demonstrates a low risk, a Member State may allow obliged entities not to apply certain customer due diligence measures with respect to electronic money, where all of the following risk- mitigating conditions are met: (a) the payment instrument is not reloadable, or has a maximum monthly payment transactions limit of EUR 150 which can be used only in that Member State; (b) the maximum amount stored electronically does not exceed EUR 150; (c) the payment instrument is used exclusively to purchase goods or services; (d) the payment instrument cannot be funded with anonymous electronic money; (e) the issuer carries out sufficient monitoring of the transactions or business relationship to enable the detection of unusual or suspicious transactions. 2. Member States shall ensure that the derogation provided for in paragraph 1 of this Article is not applicable in the case of redemption in cash or cash withdrawal of the monetary value of the electronic money where the amount redeemed exceeds EUR 50, or in the case of remote payment transactions as defined in point (6) of Article 4 of the Directive (EU) 2015/2366 of the European Parliament and of the Council where the amount paid exceeds EUR 50 per transaction. 3. Member States shall ensure that credit institutions and financial institutions acting as acquirers only accept payments carried out with anonymous prepaid cards issued in third countries where such cards meet requirements equivalent to those set out in paragraphs 1 and 2. Member States may decide not to accept on their territory payments carried out by using anonymous prepaid cards."
Amendment 493 #
Proposal for a regulation
Article 16 – paragraph 3
Article 16 – paragraph 3
3. By [2 years after the date of application of this Regulation], AMLthe EBA shall issue guidelines on the risk variables and risk factors to be taken into account by obliged entities when entering into business relationships or carrying out occasional transactions.
Amendment 526 #
Proposal for a regulation
Article 18 – paragraph 4 – point a a (new)
Article 18 – paragraph 4 – point a a (new)
(aa) the acquisition of information from reliable and independent sources, whether accessed directly or provided by the customer;
Amendment 528 #
Proposal for a regulation
Article 18 – paragraph 4 – point b
Article 18 – paragraph 4 – point b
(b) the use of electronic identification means and relevant trust services as set out in Regulation (EU) 910/2014, or any other secure, remote or electronic identification process regulated, recognised, approved or accepted by the relevant national authorities.
Amendment 543 #
Proposal for a regulation
Article 19 – paragraph 4 a (new)
Article 19 – paragraph 4 a (new)
4a. By way of derogation from paragraph 1 and due to the particular nature of the real estate business and existing national practices, Member States may allow real estate agents to identify the contracting parties of an intended transaction, or any persons acting on their behalf, and beneficial owners as soon as the contracting parties agree upon the execution of such transaction and the contracting parties are sufficiently identified to at least pursue negotiations. Therefore, for real estate agents, the establishment of the business relationship and hence the obligation to identify the identity of customers and beneficial owners must be considered to take place at the latest when the negotiations have been completed and a draft purchase or rental contract has been drawn up.
Amendment 546 #
Proposal for a regulation
Article 20 – paragraph 1 – introductory part
Article 20 – paragraph 1 – introductory part
Before entering into a business relationship or performing an occasional transaction, an obliged entity shall obtain at least the followassess and, as appropriate, obtaing information in order to understand itson the purpose and intended nature: of the business relationship or occasional transaction.
Amendment 548 #
Proposal for a regulation
Article 20 – paragraph 1 – point a
Article 20 – paragraph 1 – point a
Amendment 549 #
Proposal for a regulation
Article 20 – paragraph 1 – point b
Article 20 – paragraph 1 – point b
Amendment 550 #
Proposal for a regulation
Article 20 – paragraph 1 – point c
Article 20 – paragraph 1 – point c
Amendment 553 #
Proposal for a regulation
Article 20 – paragraph 1 – point d
Article 20 – paragraph 1 – point d
Amendment 556 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. Obliged entities shall conduct ongoing monitoring of the business relationship, including transactions undertaken by the customer throughout the course of that relationship, to control that those transactions are consistent with the obliged entity’s knowledge of the customer, the customer’s business activity and risk profile, and where necessary, with the information about the origin of the funds and to detect those transactions that shall be made subject to a more thorough analysis pursuant to Article 50. For the purposes of technological neutrality, cold wallet providers should be exempted from the ongoing monitoring of transactions as they are merely providing a service that puts the control in the customer’s hands.
Amendment 565 #
Proposal for a regulation
Article 21 – paragraph 4
Article 21 – paragraph 4
4. By [2 years after the entry into force of this Regulation], AMLthe EBA shall issue guidelines on ongoing monitoring of a business relationship and on the monitoring of the transactions carried out in the context of such relationship.
Amendment 568 #
Proposal for a regulation
Article 22 – paragraph 1 – introductory part
Article 22 – paragraph 1 – introductory part
1. By [2two years after the date of entry into force of this Regulation] AMLDirective], the EBA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify:
Amendment 572 #
Proposal for a regulation
Article 22 – paragraph 3
Article 22 – paragraph 3
3. AMLThe EBA shall review regularly the regulatory technical standards and, if necessary, prepare and submit to the Commission the draft for updating those standards in order, inter alia, to take account of innovation and technological developments.
Amendment 619 #
Proposal for a regulation
Article 25 – paragraph 3
Article 25 – paragraph 3
3. For the purposes of determining the level of threat referred to in paragraph 1, the Commission may request AMLA to adopt an opinion aimed atEBA may assessing the specific impact on the integrity of the Union’s financial system due to the level of threat posed by a third country.
Amendment 632 #
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
1. By [3 years from the date of entry into force of this Regulation], AMLthe EBA shall adopt guidelines defining the money laundering and terrorist financing trends, risks and methods involving any geographical area outside the Union to which obliged entities are exposed. AMLThe EBA shall take into account, in particular, the risk factors listed in Annex III. Where situations of higher risk are identified, the guidelines shall include enhanced due diligence measures that obliged entities shall consider applying to mitigate such risks.
Amendment 633 #
Proposal for a regulation
Article 26 – paragraph 2
Article 26 – paragraph 2
2. AMLThe EBA shall review the guidelines referred to in paragraph 1 at least every two years.
Amendment 636 #
Proposal for a regulation
Article 26 – paragraph 3
Article 26 – paragraph 3
3. In issuing and reviewing the guidelines referred to in paragraph 1, AMLthe EBA shall take into account evaluations, assessments or reports of international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing.
Amendment 638 #
Proposal for a regulation
Article 27 – paragraph 1 – point a
Article 27 – paragraph 1 – point a
(a) verify the identity of the customer and the beneficial owner after the establishment of the business relationship, provided that the specific lower risk identified justified such postponement, but in any case no later than 30 days of the relationship being established;
Amendment 642 #
Proposal for a regulation
Article 27 – paragraph 1 – point b a (new)
Article 27 – paragraph 1 – point b a (new)
(ba) reduce the amount of information collected to identify the customer, or collect information relating to different identity elements;
Amendment 643 #
Proposal for a regulation
Article 27 – paragraph 1 – point e
Article 27 – paragraph 1 – point e
(e) apply any other relevant simplified due diligence measure identified by AMLthe EBA pursuant to Article 22.
Amendment 645 #
Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 1
Article 27 – paragraph 1 – subparagraph 1
The measures referred to in the first subparagraph shall be proportionate to the nature, activity and size of the business and to the specific elements of lower risk identified. However, obliged entities shall carry out sufficient monitoring of the transactions and business relationship to enable the detection of unusual or suspicious transactions.
Amendment 646 #
Proposal for a regulation
Article 27 – paragraph 1 – subparagraph 1
Article 27 – paragraph 1 – subparagraph 1
The measures referred to in the first subparagraph shall be proportionate to the nature and sizeactivity of the business and to the specific elements of lower risk identified. However, obliged entities shall carry out sufficient monitoring of the transactions and business relationship to enable the detection of unusual or suspicious transactions.
Amendment 648 #
Proposal for a regulation
Article 27 – paragraph 4
Article 27 – paragraph 4
4. Obliged entities shall verify on a regular basis that the conditions for the application of simplified due diligence continue to exist. The frequency of such verifications shall be commensurate to the nature, activity and size of the business and the risks posed by the specific relationship.
Amendment 649 #
Proposal for a regulation
Article 27 – paragraph 4
Article 27 – paragraph 4
4. Obliged entities shall verify on a regular basis that the conditions for the application of simplified due diligence continue to exist. The frequency of such verifications shall be commensurate to the nature and sizeactivity of the business and the risks posed by the specific relationship.
Amendment 653 #
Proposal for a regulation
Article 28 – paragraph 3
Article 28 – paragraph 3
3. With the exception of the cases covered by Section 2 of this Chapter, when assessing the risks of money laundering and terrorist financing posed by a business relationship or occasional transaction, obliged entities shall take into account at least the factors of potential higher risk set out in Annex III and the guidelines adopted by AMLthe EBA pursuant to Article 26.
Amendment 656 #
Proposal for a regulation
Article 28 – paragraph 4 – point c
Article 28 – paragraph 4 – point c
(c) obtain additional information on the source of funds, and source of wealth of the customer, the members of his family and of the beneficial owner(s);
Amendment 660 #
Proposal for a regulation
Article 28 – paragraph 5 – introductory part
Article 28 – paragraph 5 – introductory part
Amendment 661 #
Proposal for a regulation
Article 28 – paragraph 5 – subparagraph 1
Article 28 – paragraph 5 – subparagraph 1
Where the risks identified by the Member States pursuant to the first subparagraph are likely to affect the financial system of the Union, AMLthe EBA shall, upon a request from the Commission or of its own initiative, consider updating the guidelines adopted pursuant to Article 26.
Amendment 679 #
Proposal for a regulation
Article 31 a (new)
Article 31 a (new)
Article 31a Prohibition of correspondent relationships with certain crypto-asset service providers
Amendment 680 #
Proposal for a regulation
Article 31 b (new)
Article 31 b (new)
Article 31b Credit institutions, financial institutions and crypto-asset service providers shall not enter into or continue a correspondent relationship with crypto-asset service providers unaffiliated with a regulated entity or operating in the Union without authorisation under Regulation (EU) 2021/... [Regulation on Markets in Crypto-assets]. Credit institutions, financial institutions and crypto-asset service providers shall take appropriate measures to ensure that they do not engage in or continue correspondent relationships with a crypto-asset service provider that is known to allow its accounts to be used by a non-authorised crypto-asset service provider. By way of derogation from paragraph 1, this prohibition shall not apply to crypto- asset service providers or operators that are to be addressed in the Level 2/technical report of Regulation (EU) 2021/... [Regulation on Markets in Crypto-assets].
Amendment 681 #
Proposal for a regulation
Article 31 c (new)
Article 31 c (new)
Article 31c Public register on shell banks and non- authorised crypto-asset service providers
Amendment 682 #
Proposal for a regulation
Article 31 d (new)
Article 31 d (new)
Article 31d Where competent authorities or supervisors become aware of shell banks and crypto-asset service providers unaffiliated with a regulated entity or operating in the Union without authorisation under Regulation (EU) 2021/... [Regulation on Markets in Crypto-assets] operating within or outside the Union, they shall inform AMLA.
Amendment 683 #
Article 31e AMLA shall set up and maintain an indicative and non-exhaustive public register of shell banks and crypto-asset service providers unaffiliated with a regulated entity or operating in the Union without authorisation under Regulation (EU) 2021/... [Regulation on Markets in Crypto-assets] operating within and outside the Union based on information provided by competent authorities, supervisors, the Commission or obliged entities.
Amendment 692 #
Proposal for a regulation
Article 32 – paragraph 3 – introductory part
Article 32 – paragraph 3 – introductory part
3. By [3 years from the date of entry into force of this Regulation], AMLthe EBA shall issue guidelines on the following matters:
Amendment 696 #
Proposal for a regulation
Article 33 – paragraph 1
Article 33 – paragraph 1
Amendment 699 #
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
3. The CommissionEBA shall assemble, based on the lists provided for in paragraphs 1 and 2 of this Article, a single list of all prominent public functions for the purposes of Article 2, point (25). The Commission shall publish that single list shallEBA shall send that single list to the Commission for publication in the Official Journal of the European Union. AMLThe EBA shall make the list public on its website.
Amendment 700 #
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
2. Obliged entities shall apply one or more of the measures referred to in Article 28(4) to mitigate the risks posed by the business relationship, until such time as that person is deemed to pose no further risk, but in any case for not less than 12 months following the time when the individual is no longer entrusted with a prominent public function. At the end of the 12-month period, an assessment shall be made to determine if the person still poses a risk.
Amendment 702 #
Proposal for a regulation
Article 35 – paragraph 2
Article 35 – paragraph 2
2. Obliged entities shall apply one or more of the measures referred to in Article 28(4) to mitigate the risks posed by the business relationship, until such time as that person is deemed to pose no further risk, but in any case for not less than 1236 months following the time when the individurom the moment the reason for why that person was considered a PEP, disappears. The assessment of whether that person poses an additional ris no longer entrusted with a prominent public functionk should be evaluated on an annual basis, until such additional risk ceases.
Amendment 710 #
Proposal for a regulation
Article 38 – paragraph 2
Article 38 – paragraph 2
2. When deciding to rely on other obliged entities situated in third countries, obliged entities shall take into consideration the geographical risk factors listed in Annexes II and III and any relevant information or guidance provided by the Commission, or by AMLthe EBA or other competent authorities.
Amendment 730 #
Proposal for a regulation
Article 40 – paragraph 2 – point d
Article 40 – paragraph 2 – point d
(d) the attribution of a risk profile to a prospective client and the entering into a business relationship with that client where the obliged entity has not assessed and authorised the outsourced entity’s risk assessment process;
Amendment 741 #
Proposal for a regulation
Article 40 – paragraph 4 a (new)
Article 40 – paragraph 4 a (new)
4a. Outsourced entities shall be able to sub-outsource activities, as long as the outsourced entities: (a) have laid such sub-outsourcing out in their written agreement with the obliged entity; and (b) are able to report on the effective implementation of measures by the sub- outsourced entities to the obliged entity. The obliged entity remains fully liable for any actions of the sub-outsourced entity, and the tasks undertaken by the sub- outsourced entity shall also not be undertaken in such way as to impair materially the quality of the obliged entity’s measures and procedures to comply with the requirements of this Regulation and of Regulation [please insert reference – proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final].
Amendment 743 #
By [3 years after the entry into force of this Regulation], AMLthe EBA shall issue guidelines addressed to obliged entities on:
Amendment 801 #
Proposal for a regulation
Article 44 – paragraph 1 – introductory part
Article 44 – paragraph 1 – introductory part
1. For the purpose of this Regulation, beneficial ownership information shall be adequate, accurate, and current and sufficiently detailed and include the following:
Amendment 863 #
Proposal for a regulation
Article 50 – paragraph 3
Article 50 – paragraph 3
3. By [two years after entry into force of this Regulation], AMLthe EBA shall develop draft implementing technical standards and submit them to the Commission for adoption. Those draft implementing technical standards shall specify the format to be used for the reporting of suspicious transactions pursuant to paragraph 1.
Amendment 867 #
Proposal for a regulation
Article 50 – paragraph 5
Article 50 – paragraph 5
5. AMLThe EBA shall issue and periodically update guidance on indicators of unusual or suspicious activity or behaviours.
Amendment 869 #
Proposal for a regulation
Article 50 – paragraph 6 a (new)
Article 50 – paragraph 6 a (new)
6a. The EBA shall introduce a provision establishing an annual reporting mechanism on the use of beneficial ownership registers to combat money laundering and terrorist financing.
Amendment 870 #
Proposal for a regulation
Article 51 – paragraph 1 – introductory part
Article 51 – paragraph 1 – introductory part
1. By way of derogation from Article 50(1), Member States may allow obliged entities referred to in Article 3, point (3)(a), (b) and (d) to transmit the information referred to in Article 50(1) to a self- regulatory body designated by the Member State for the sole purpose of combating money laundering and the funding of terrorism.
Amendment 896 #
Proposal for a regulation
Article 55 – paragraph 3 – point b
Article 55 – paragraph 3 – point b
(b) the obliged entities have procedures in place that allow the distinction, in the processing of such data, between allegations, investigations, proceedings and convictions, taking into account the fundamental right to a fair trial, the right of defence and the presumption of innocence.
Amendment 912 #
Proposal for a regulation
Article 58 – paragraph 1 – introductory part
Article 58 – paragraph 1 – introductory part
1. Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping anonymous accounts, anonymous passbooks, anonymous safe-deposit boxes or anonymoustools used for the anonymisation of crypto-asset wallets, as well as any account otherwise allowing for the anonymisation of the customer account holder.
Amendment 921 #
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
Amendment 924 #
Proposal for a regulation
Article 59 – paragraph 1
Article 59 – paragraph 1
1. Persons trading in goods or providing services may accept or make a payment in cash only up to an amount of EUR 10 000 Union-wide limit or equivalent amount in national or foreign currency, whether the transaction is carried out in a single operation or in several operations which appear to be linked, and in order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured.
Amendment 934 #
Proposal for a regulation
Article 59 – paragraph 2
Article 59 – paragraph 2
2. Member States may adopt lower limits following consultation of the European Central Bank in accordance with Article 2(1) of Council Decision 98/415/EC57 . Those lower limits shall be notified to the Commission within 3 months of the measure being introduced at national level. In order to protect the fundamental rights and social inclusion of vulnerable users who have difficulties with electronic payments, such as the elderly and people with disabilities, a minimum limit of EUR 5,000 for cash payments should be ensured. _________________ 57 Council Decision of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).
Amendment 946 #
Proposal for a regulation
Article 63 – paragraph 1 – point b
Article 63 – paragraph 1 – point b
Amendment 951 #
Proposal for a regulation
Article 65 – paragraph 2
Article 65 – paragraph 2
It shall apply from [34 years from its date of entry into force].