17 Amendments of Billy KELLEHER related to 2021/0239(COD)
Amendment 130 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) It is estimated by the United Nations Office of Drugs and Crime (UNODC) that between 2 and 5% of global GDP is laundered each year. Therefore, it is essential for Member States, apart from reinforcing their rules in order to prevent money laundering or terrorist financing, to use the money recovered from operations with the purpose to address challenges emerged from current and future crises.
Amendment 167 #
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
(24a) The illegal, unprovoked and unjustified military aggression against Ukraine has been strongly condemned by the Union and has led to a severe embargo on Russian banks and oligarchs by the Member States, while also highlighting schemes of money laundering by Russian banks through EU banks services. It is important in this sense to recognize the potential that long- term maintenance of sanctions has in reducing the risk of Russian money laundering in the Union.
Amendment 176 #
Proposal for a regulation
Recital 32 a (new)
Recital 32 a (new)
(32a) Access to basic financial products and services allows refugees and people seeking temporary or international protection to participate in the economic and social life of the Union, in line with the right to protection enshrined in Article 18 of the Charter of Fundamental Rights. At the same time, financial inclusion avoids that transactions are driven underground through informal channels, thereby making the detection and reporting of suspicious transactions more difficult. As such, financial inclusion contributes significantly to the fight against money laundering and terrorist financing. This regulation provides sufficient flexibility to financial institutions to perform the identification and verification of prospective clients who are refugees or seek protection and to adopt, in line with the risk-based approach, proportionate and effective measures to manage and mitigate risks linked to these clients. To ensure such flexibility is exploited to the fullest, financial institutions should accept documents issued by Member States stating legal residence as a valid means for the purposes of customer identity verification. In order to ensure the effective implementation of anti-money laundering/countering the financing of terrorism rules, financial institutions should address the situation of refugees and persons seeking temporary or international protection within their internal policies and procedures
Amendment 229 #
Proposal for a regulation
Recital 72
Recital 72
(72) There is a need to ensure a level playing field among the different types of legal forms and to avoid the misuse of trusts and legal arrangements, which are often layered in complex structures to further obscure beneficial ownership. Trustees of any express trust administered in a Member State should thus be responsible for obtaining and holding adequate, accurate and current beneficial ownership information regarding the trust, and for disclosing their status and providing this information to obliged entities carrying out costumer due diligence. Any other beneficial owner of the trust should assist the trustee in obtaining such information. AMLA shall investigate the possibility of the creation of a central European Beneficial Owners Register with uniform standards.
Amendment 360 #
Proposal for a regulation
Article 3 – paragraph 1 – point 3 – point k
Article 3 – paragraph 1 – point 3 – point k
(k) creditors for mortgage and consumer credits, other than credit institutions defined in Article 2(5) and financial institutions defined in Article 2(6), and credit intermediaries for mortgage and consumer credits;
Amendment 373 #
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. With the exception of casinos, Member States may decide to exempt, in full or in part, providers of gambling services from the requirements set out in this Regulation on the basis of the proven low risk posed by the nature and, where appropriate, the scale of operations of such services, with the consent of the AML Authority.
Amendment 522 #
Proposal for a regulation
Article 18 – paragraph 4 – point a
Article 18 – paragraph 4 – point a
(a) the submission of the identity document, passport or equivalent and the acquisition of information from reliable and independent sources, which can also be done by electronic means, whether accessed directly or provided by the customer;
Amendment 559 #
Proposal for a regulation
Article 21 – paragraph 2 – subparagraph 1
Article 21 – paragraph 2 – subparagraph 1
The frequency of updating customer information pursuant to the first sub- paragraph shall be based on the risk posed by the business relationship. The frequency of updating of customer information shall pursue a risk-based approach, particularly taking into account changes of relevant circumstances and shall in any case not exceed five years.
Amendment 690 #
Proposal for a regulation
Article 32 – paragraph 2 – point b
Article 32 – paragraph 2 – point b
(b) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or transactions, including occasional ones, with politically exposed persons;
Amendment 711 #
Proposal for a regulation
Article 38 – paragraph 4 a (new)
Article 38 – paragraph 4 a (new)
4a. Reliance on other obliged entities may also include the re-use of relevant customer due diligence information and documentation obtained and processed by that entity.
Amendment 742 #
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 [proposal for a recast of Regulation (EU) 2015/847 - COM/2021/422 final].
Amendment 845 #
Proposal for a regulation
Article 50 – paragraph 1 – introductory part
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report via the FIU.net one-stop-shop to the FIU all suspicious transactions, including attempted transactions.
Amendment 846 #
Proposal for a regulation
Article 50 – paragraph 1 – introductory part
Article 50 – paragraph 1 – introductory part
1. Obliged entities shall report to the FIU all suspicious transactions, including multi-country and attempted transactions.
Amendment 855 #
Proposal for a regulation
Article 50 – paragraph 1 – subparagraph 2
Article 50 – paragraph 1 – subparagraph 2
For the purposes of points (a) and (b), obliged entities shall reply to a request for information by the FIU within 5 days via the FIU.net one-stop-shop. In justified and urgent cases, FIUs shall be able to shorten such a deadline to 24 hours.
Amendment 884 #
Proposal for a regulation
Article 54 a (new)
Article 54 a (new)
Article 54a Use of Artificial Intelligence (AI) For the purposes of AML, obliged entities shall be permitted to rely on technologies that include machine-learning, artificial intelligence or similar automated individual decision-making processes, including profiling pursuant to Article 22.2.(b) of Regulation (EU) 2016/679 in order to meet directly or indirectly the requirements of this Regulation, Regulation 2015/847, and any Regulatory Technical Standards, guidelines or other common instruments (that are directly or indirectly related to the prevention and fight against money laundering and financing terrorism) set up by AMLA related to the abovementioned regulations. Obliged entities shall inform the data subjects, for example in their privacy statements, that automated decision making including profiling pursuant to Article 22.2. b of Regulation (EU) 2016/679 is used. Such information should include the significance and the possible consequences for the data subject of such use. AML-A, in cooperation with the European Data Protection Board shall develop Regulatory Technical Standards, determining the minimum information to be provided. The logics behind such automated decision making and profiling are kept by the obliged entities and can be requested by the competent authorities. Such logics should be kept confidential by such authorities.
Amendment 900 #
Proposal for a regulation
Article 55 a (new)
Article 55 a (new)
Article 55a Information exchange (1) Obliged persons, competent authorities [within the meaning of Art. 2(31) of the Draft Regulation] and other public authorities of the EU and EU Member States, insofar as they act for the purpose of combating money laundering or terrorist financing, may provide each other, directly or through public-private partnerships (PPPs), insofar as they pursue the purpose of combating money laundering or terrorist financing, with information containing anomalies or unusual features indicating money laundering, one of its predicate offences or terrorist financing. The exchange of information may only take place for the purpose of combating money laundering, one of its predicate offenses or the financing of terrorism. (2) Within the framework of the exchange of information pursuant to paragraph 1, the persons referred to in paragraph 1 may also process personal data within the meaning of Art. 4 No. 1 of the General Data Protection Regulation [as defined in Art. 4 No. 2 of the General Data Protection Regulation]. Art. 14 (1) to (4) of the General Data Protection Regulation shall not apply; Art. 15, 16 and 18 of the General Data Protection Regulation shall apply subject to the consent of the competent authorities [as defined in Art. 2 (31) of the Draft Regulation]. The personal data shall be deleted after the expiration of 5 years after receipt of the data, unless there is a legal obligation or justification for the continued retention of the data. (3) Information pursuant to paragraph 1, which is related to specific facts, may only be disclosed by obligated parties, irrespective of the submission of a notification pursuant to Art. 50 et seq. Draft Regulation may only be disclosed by obligated parties to other obligated parties if the information is not disclosed to 1. the contracting party of the obligated party submitting the report, 2. the principal of a transaction related to the facts of the case, 3. the beneficial owner of the persons referred to in points 1 and 2, 4. a person who has been appointed as a representative or messenger by one of the persons mentioned in numbers 1 to 3, 5. the legal counsel mandated by any of the persons referred to in numbers 1 to 4, and 6. other third parties not mentioned in paragraph 1. (4) Information referred to in paragraph 1, for which an obliged person has made a report pursuant to Art. 50 et seq. of the Draft Regulation or on the basis of which such a report is about to be made, may be shared pursuant to paragraph 1 only if the competent authorities [within the meaning of Art. 2 par. 31 of the Draft Regulation] have previously given their consent to an exchange of information to all or selected persons referred to in paragraph 1. An information exchange pursuant to Art. 54 (2)-(6) of the Draft Regulation remains unaffected by this.
Amendment 936 #
Proposal for a regulation
Article 59 – paragraph 4 – point b
Article 59 – paragraph 4 – point b
(b) payments or deposits made at the premises of credit institutions. In such cases, the credit institution shall report the payment or deposit above the limit to the FIU, in particular in case of suspicious activities and transactions.