Activities of Judith SARGENTINI related to 2013/0024(COD)
Plenary speeches (2)
Information accompanying transfers of funds - Prevention of the use of the financial system for the purpose of money laundering and terrorist financing (debate)
Information accompanying transfers of funds - Prevention of the use of the financial system for the purpose of money laundering and terrorist financing (debate)
Shadow reports (2)
RECOMMENDATION FOR SECOND READING on the Council position at first reading with a view to the adoption of a regulation of the European Parliament and of the Council on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 PDF (150 KB) DOC (71 KB)
REPORT on the proposal for a regulation of the European Parliament and of the Council on information accompanying transfers of funds PDF (429 KB) DOC (570 KB)
Amendments (25)
Amendment 47 #
Proposal for a regulation
Recital 1
Recital 1
(1) Flows of dirty money through transfers of funds can damage theMassive flows of illicit money damage the structure, stability and reputation of the financial sector and threaten the internal market. Terrorism shakes the very foundations of our societysingle market as well as international development, and terrorism shakes the very foundations of our society. Crucial facilitators of illicit money flows are secretive corporate structures operating in and through secrecy jurisdiction, often also referred to as tax havens. The soundness, integrity and stability of the system of transfers of funds and confidence in the financial system as a whole could beis being seriously jeopardised by the efforts of criminals and their associates either to disguise the origin of criminal proceeds or to transfer funds for terrorist purposes.
Amendment 48 #
Proposal for a regulation
Recital 2
Recital 2
(2) In order to facilitate their criminal activities, money launderers and terrorist financers could try toare takeing advantage of the freedom of capital movements entailed by the integrated financial area, unless certain coordinating measures are adopted at Union level. By its scale, Union action should ensure that Recommendation 16 on wire transfers of the Financial Action Task Force (FATF), adopted in February 2012 is transposed uniformly throughout the Union, and, in particular, that there is no discrimination between national payments within a Member State and cross border payments between Member States. Uncoordinated action by Member States alone in the field of cross border transfers of funds could have a significant impact on the smooth functioning of payment systems at Union level and therefore damage the internal market in the field of financial services.
Amendment 52 #
Proposal for a regulation
Recital 7
Recital 7
(7) The provisions of this Regulation apply without prejudice to national legislation implementing Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data19 . For example, personal data collected for the purpose of complying with this Regulation should not be further processed in a way inconsistent e with Directive 95/46/EC. In particular, further processing for commercial purposes should be strictly prohibited. The fight against money laundering and terrorist financing is recognised as an important public interest ground by all Member States. Hence, in the application of this Regulation, the transfer of personal data to a third country which does not ensure an adequate level of protection in the meaning of Article 25 of Directive 95/46/EC should be permitted according to Article 26 (d) of the same Directive. __________________ 19 OJ L 281, 23.11.1995, p. 31.
Amendment 56 #
Proposal for a regulation
Recital 9
Recital 9
(9) It is appropriate to exclude from the scope of this Regulation transfers of funds that represent a low risk of money laundering or terrorist financing. Such exclusions should cover credit or debit cards, mobile telephones or other digital or information technology (IT) devices, Automated Teller Machine (ATM) withdrawals, payments of taxes, fines or other levies, and transfers of funds where both the payer and the payee are payment service providers acting on their own behalf. In addition, in order to reflect the special characteristics of national payment systems, Member States may exempt electronic giro payments, provided that it is always possible to trace the transfer of funds back to the payer. However, every exemption should be reviewed periodically, and there must be no exemption when a debit or credit card, a mobile telephone or other digital or IT prepaid or postpaid device is used in order to effect a person-to-person transfer.
Amendment 61 #
Proposal for a regulation
Recital 14
Recital 14
(14) In order to check whether the required information on the payer and the payee accompanies transfers of funds, and to help to identify suspicious transactions, the payment service provider of the payee and the intermediary payment service provider should have effective procedures in place in order to detect whether information on the payer and the payee is missing or incomplete, in particular if numerous payment services are involved to improve the traceability of transfers of funds.
Amendment 62 #
Proposal for a regulation
Recital 15
Recital 15
(15) Owing to the potential terrorist financing threat posed by anonymous transfers, it is appropriate to require payment service providers to request information on the payer and the payee. In line with the risk based approach developed by FATF, it is appropriate to identify areas of higher and lower risk with a view to better targeting money laundering and terrorist financing risks. Accordingly, the payment service provider of the payee and the intermediary service provider should establish effective risk- based procedures for cases where a transfer of funds lacksand individually assess and evaluate risks for cases where a transfer of funds lacks or are incomplete regarding the information on the required payer and payee information, in order to decide whether to execute, reject or suspend that transfer and what appropriate anti-abuse measures with view to preventing misuse and which follow-up action to take. Where the payment service provider of the payer is established outside the territory of the Union, enhanced customer due diligence should be applied, in accordance with Directive [xxxx/yyyy], in respect of cross-border correspondent banking relationships with that payment service provider.
Amendment 67 #
Proposal for a regulation
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
1a. Data protection 1. With regard to the processing of personal data within the framework of this Regulation, payment service providers shall carry out their tasks for the purposes of this Regulation in accordance with national law implementing Directive 95/46/EC. 2. Payment service providers shall ensure that data retained under this Regulation is used only for the purposes described herein and in no case for commercial purposes. 3. Data protection authorities shall have powers, including the indirect access powers, to investigate, either ex officio or based on a complaint, any claims as regards problems with personal data processing. This should include particularly access to the data file at the payment service provider and competent national authorities.
Amendment 69 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point a
Article 3 – paragraph 2 – subparagraph 1 – point a
Amendment 70 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 1 – point b
Article 3 – paragraph 2 – subparagraph 1 – point b
(b) the number of the abovementionedunique identifier of the holder of the card or device accompanies all transfers flowing from the transaction.
Amendment 73 #
Proposal for a regulation
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) the payer's account number, where such an account is used to process the transfer of funds, or a unique transaction identifier where no such account is used for that purpose;
Amendment 76 #
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Before transferring the funds, the payment service provider of the payer shall verify the accuracy of the complete information referred in paragraph 1 on the basis of documents, data or information obtained from a reliable and independent source.
Amendment 82 #
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
1. By way of derogation from Article 4(1) and (2), where the payment service provider(s) of both the payer and the payee are established in the Union, only thethe name and account number of the payer or his unique transaction identifier shall be provided at the time of the transfer of funds.
Amendment 89 #
Proposal for a regulation
Article 6 – paragraph 1
Article 6 – paragraph 1
1. In the case of batch file transfers from a single payer where the payment service providers of the payees are established outside the Union, Article 4(1) and (2) shall not apply to the individual transfers bundled together therein, provided that the batch file contains the information referred to in that Article and that the individual transfers carry the name and account number of the payer or his unique transaction identifier.
Amendment 93 #
Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part
Article 6 – paragraph 2 – subparagraph 1 – introductory part
By way of derogation from Article 4(1) and (2), where the payment service provider of the payee is established outside the Union, transfers of funds amounting to EUR 1 000 or less shall be accompanied only by:
Amendment 109 #
Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 2
Article 8 – paragraph 1 – subparagraph 2
Amendment 111 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
Where a payment service provider regularly fails to supply the required complete information on the payer, the payment service provider of the payee shall take steps, which may initially include the issuing of warnings and setting of deadlines, before either rejecting any future transfers of funds from that payment service provider or deciding whether or not to restrict or terminate its business relationship with that payment service provider.
Amendment 112 #
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
The payment service provider of the payee shall according to the payment service providers risk-based procedures consider missing or incomplete information on the payer and the payee as a factor in assessing whether the transfer of funds, or any related transaction, is suspicious, and whether it must be reported to the Financial Intelligence Unit.
Amendment 113 #
Proposal for a regulation
Article 11 – paragraph 2 – introductory part
Article 11 – paragraph 2 – introductory part
2. The intermediary payment service provider shall have effective procedures in place in order to detect whether the following information on the payer and the payee is missing or incomplete:
Amendment 120 #
Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 1
Article 12 – paragraph 1 – subparagraph 1
The intermediary payment service provider shall establish effective risk-based procedures for determining when to execute, reject or suspend a transfer that are incomplete or transfer of funds lacking the required payer and payee information and have in place the appropriate follow up action.
Amendment 121 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
The intermediary payment service provider shall in compliance with its risk-based procedures consider missing or incomplete information on the payer and the payee as a default factor and in assessing whether the transfer of funds, or any related transaction, is suspicious, and whether it must be reported to the Financial Intelligence Unit.
Amendment 125 #
Proposal for a regulation
Article 15 – paragraph 1 a (new)
Article 15 – paragraph 1 a (new)
Payment service providers established in the Union shall apply this regulation with regard to their subsidiaries and branches operating in jurisdictions outside the Union that are not deemed equivalent. The Commission shall be empowered to adopt delegated acts in accordance with Article 22a concerning the recognition of the legal and supervisory framework of jurisdictions outside the Union as equivalent to the requirements of this Regulation.
Amendment 136 #
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Amendment 137 #
Proposal for a regulation
Article 19 – paragraph 2
Article 19 – paragraph 2
Amendment 139 #
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. Member States shall establish effective mechanisms to encourage reporting of breaches of the provisions of this Regulation to competent authorities. Appropriate technical and organizational measures shall be implemented to protect data against accidental or unlawful destruction, accidental loss, alteration, or unlawful disclosure.
Amendment 140 #
Proposal for a regulation
Article 21 – paragraph 2 – point b
Article 21 – paragraph 2 – point b
(b) appropriate protection for whistleblowers and persons who report potential or actual breaches;