61 Amendments of Jean-Paul GARRAUD related to 2021/0239(COD)
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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.