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• Entry into force: 2024-07-09 (the publisher's qualifier, word for word: DATPUB +20 V ART 90)
• Application: 2027-07-10 (the publisher's qualifier, word for word: V ART 90)
• Application: 2029-07-10 (the publisher's qualifier, word for word: MA/PART V ART 90)
• Deadline: 2027-07-09 (the publisher's qualifier, word for word: V ART 85.2)
• Deadline: 2030-07-10 (the publisher's qualifier, word for word: V ART 88)
• Deadline: 2032-07-10 (the publisher's qualifier, word for word: B-19.12 V ART 87)

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32024R1624, eng, the original wording of 2024-05-31 (the act's date in the publisher's Formex package)

This wording answers the dates from 2024-05-31 to the day before 2024-06-19, the date of the next wording.

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90 articles quoted, 0 held without text.

Page 2 of 3: Article 26 to Article 72.

26. 026 Article 26

    Article 26 Ongoing monitoring of the business relationship and monitoring of transactions performed by customers 1. Obliged entities shall conduct ongoing monitoring of business relationships, including transactions undertaken by the customer throughout the course of a business relationship, to ensure 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 and destination of the funds and to detect those transactions that shall be made subject to a more thorough assessment pursuant to Article 69(2). Where business relationships cover more than one product or service, obliged entities shall ensure that the customer due diligence measures cover all those products and services. Where obliged entities belonging to a group have business relationships with customers that are also the customers of other entities within that group, whether obliged entities or undertakings not subject to AML/CFT requirements, they shall take into account information relating to those other business relationships for the purposes of monitoring the business relationship with their customers. 2. In the context of the ongoing monitoring referred to in paragraph 1, obliged entities shall ensure that the relevant documents, data or information of the customer are kept up to date. The period between updates of customer information pursuant to the first subparagraph shall be dependent on the risk posed by the business relationship and shall not in any case exceed: (a) for higher risk customers to which measures under Section 4 of this Chapter apply, 1 year; (b) for all other customers, 5 years. 3. In addition to the requirements set out in paragraph 2, obliged entities shall review and, where relevant, update the customer information where: (a) there is a change in the relevant circumstances of a customer; (b) the obliged entity has a legal obligation in the course of the relevant calendar year to contact the customer for the purpose of reviewing any relevant information relating to the beneficial owners or to comply with Council Directive 2011/16/EU; (c) they become aware of a relevant fact which pertains to the customer. 4. In addition to the ongoing monitoring referred to in paragraph 1 of this Article, obliged entities shall regularly verify whether the conditions laid down in Article 20(1), point (d), are met. The frequency of that verification shall be commensurate with the exposure of the obliged entity and the business relationship to risks of non-implementation and evasion of targeted financial sanctions. For credit institutions and financial institutions, the verification referred to in the first subparagraph shall also be carried out upon any new designation in relation to targeted financial sanctions. The requirements of this paragraph shall not replace the obligation to apply targeted financial sanctions or stricter requirements under other Union legal acts or under national law on the verification of the client base against lists of targeted financial sanctions. 5. By 10 July 2026, AMLA 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.

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27. 027 Article 27

    Article 27 Temporary measures for customers subject to UN financial sanctions 1. In respect of customers that are subject to UN financial sanctions or that are controlled by natural or legal persons or entities subject to UN financial sanctions, or in which natural or legal persons or entities that are subject to UN financial sanctions have more than 50 % of the proprietary rights or majority interest, whether individually or collectively, obliged entities shall keep records of: (a) the funds or other assets that they manage for the customer at the time when UN financial sanctions are made public; (b) the transactions attempted by the customer; (c) the transactions carried out for the customer. 2. Obliged entities shall apply this Article between the time that UN financial sanctions are made public and the time of application of the relevant targeted financial sanctions in the Union.

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28. 028 Article 28

    Article 28 Regulatory technical standards on the information necessary for the performance of customer due diligence 1. By 10 July 2026, AMLA shall develop draft regulatory technical standards and submit them to the Commission for adoption. Those draft regulatory technical standards shall specify: (a) the requirements that apply to obliged entities pursuant to Article 20 and the information to be collected for the purpose of performing standard, simplified and enhanced due diligence pursuant to Articles 22 and 25 and Articles 33(1) and 34(4), including minimum requirements in situations of lower risk; (b) the type of simplified due diligence measures which obliged entities may apply in situations of lower risk pursuant to Article 33(1) of this Regulation, including measures applicable to specific categories of obliged entities and products or services, having regard to the results of the risk assessment at Union level conducted by the Commission pursuant to Article 7 of Directive (EU) 2024/1640; (c) the risk factors associated with features of electronic money instruments that should be taken into account by supervisors when determining the extent of the exemption under Article 19(7); (d) the reliable and independent sources of information that may be used to verify the identification data of natural or legal persons for the purposes of Article 22(6) and (7); (e) the list of attributes which electronic identification means and relevant qualified trust services referred to in Article 22(6), point (b), must feature in order to fulfil the requirements of Article 20(1), points (a) and (b), in the case of standard, simplified and enhanced due diligence. 2. The requirements and measures referred to in paragraph 1, points (a) and (b), shall be based on the following criteria: (a) the inherent risk involved in the service provided; (b) the risks associated with categories of customers; (c) the nature, amount and recurrence of the transaction; (d) the channels used for conducting the business relationship or the occasional transaction. 3. AMLA 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. 4. Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in paragraphs 1 and 3 of this Article in accordance with Articles 49 to 52 of Regulation (EU) 2024/1620.

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29. 029 Article 29

    Article 29 Identification of third countries with significant strategic deficiencies in their national AML/CFT regimes 1. Third countries with significant strategic deficiencies in their national AML/CFT regimes shall be identified by the Commission and designated as ‘high-risk third countries’. 2. In order to identify third countries as referred to in paragraph 1 of this Article, the Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement this Regulation, where: (a) significant strategic deficiencies in the legal and institutional AML/CFT framework of the third country have been identified; (b) significant strategic deficiencies in the effectiveness of the third country’s AML/CFT system in addressing money laundering and terrorist financing risks or in its system to assess and mitigate risks of non-implementation or evasion of UN financial sanctions relating to proliferation financing have been identified; (c) the significant strategic deficiencies identified under points (a) and (b) are of a persistent nature and no measures to mitigate them have been taken or are being taken. Those delegated acts shall be adopted within 20 calendar days of the Commission ascertaining that the criteria in point (a), (b) or (c) of the first subparagraph are met. 3. For the purposes of paragraph 2, the Commission shall take into account calls for the application of enhanced due diligence measures and additional mitigating measures (‘countermeasures’) by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing, as well as relevant evaluations, assessments, reports or public statements drawn up by them. 4. Where a third country is identified in accordance with the criteria referred to in paragraph 2, obliged entities shall apply enhanced due diligence measures listed in Article 34(4) with respect to the business relationships or occasional transactions involving natural or legal persons from that third country. 5. The delegated act referred to in paragraph 2 shall identify among the countermeasures listed in Article 35 the specific countermeasures mitigating specific risks stemming from each high-risk third country. 6. Where a Member State identifies a specific money laundering or terrorist financing risk posed by a third country that the Commission has identified in accordance with the criteria referred to in paragraph 2 which is not addressed by the countermeasures referred to in paragraph 5, it may require obliged entities established in its territory to apply specific additional countermeasures to mitigate the specific risks stemming from that third country. The risk identified and the corresponding countermeasures shall be notified to the Commission within 5 days of the countermeasures being applied. 7. The Commission shall review the delegated acts referred to in paragraph 2 on a regular basis to ensure that the specific countermeasures identified pursuant to paragraph 5 take account of the changes in the AML/CFT framework of the third country and are proportionate and adequate to the risks. Upon receiving a notification pursuant to paragraph 6, the Commission shall assess the information received to determine whether country-specific risks affect the integrity of the Union’s internal market. Where appropriate, the Commission shall review the delegated acts referred to in paragraph 2, by adding the necessary countermeasures to mitigate those additional risks. Where the Commission considers that the specific additional measures applied by a Member State under paragraph 6 are not necessary to mitigate specific risks stemming from that third country, it may decide, by means of an implementing act, that the Member State shall put an end to the specific additional countermeasure.

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30. 030 Article 30

    Article 30 Identification of third countries with compliance weaknesses in their national AML/CFT regimes 1. Third countries with compliance weaknesses in their national AML/CFT regimes shall be identified by the Commission. 2. In order to identify the third countries referred to in paragraph 1, the Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement this Regulation, where: (a) compliance weaknesses in the legal and institutional AML/CFT framework of the third country have been identified; (b) compliance weaknesses in the effectiveness of the third country’s AML/CFT system in addressing money laundering and terrorist financing risks or in its system to assess and mitigate risks of non-implementation or evasion of UN financial sanctions relating to proliferation financing have been identified. Those delegated acts shall be adopted within 20 calendar days of the Commission ascertaining that the criteria in point (a) or (b) of the first subparagraph are met. 3. The Commission, when drawing up the delegated acts referred to in paragraph 2 shall take into account, as a baseline for its assessment, information on jurisdictions under increased monitoring by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing, as well as relevant evaluations, assessments, reports or public statements drawn up by them. 4. The delegated act referred to in paragraph 2 shall identify the specific enhanced due diligence measures among those listed in Article 34(4), that obliged entities shall apply to mitigate risks related to business relationships or occasional transactions involving natural or legal persons from that third country. 5. The Commission shall review the delegated acts referred to in paragraph 2 on a regular basis to ensure that the specific enhanced due diligence measures identified pursuant to paragraph 4 take account of the changes in the AML/CFT framework of the third country and are proportionate and adequate to the risks.

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31. 031 Article 31

    Article 31 Identification of third countries posing a specific and serious threat to the Union’s financial system 1. The Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement this Regulation by identifying third countries where in exceptional cases it considers it indispensable to mitigate a specific and serious threat to the Union’s financial system and the proper functioning of the internal market posed by those third countries, and which cannot be mitigated pursuant to Articles 29 and 30. 2. The Commission, when drawing up the delegated acts referred to in paragraph 1, shall take into account in particular the following criteria: (a) the legal and institutional AML/CFT framework of the third country, in particular: (i) the criminalisation of money laundering and terrorist financing; (ii) measures relating to customer due diligence; (iii) requirements relating to record-keeping; (iv) requirements to report suspicious transactions; (v) the availability of accurate and timely information of the beneficial ownership of legal persons and arrangements to competent authorities; (b) the powers and procedures of the third country’s competent authorities for the purposes of combating money laundering and terrorist financing including appropriately effective, proportionate and dissuasive sanctions, as well as the third country’s practice in cooperation and exchange of information with Member States’ competent authorities; (c) the effectiveness of the third country’s AML/CFT system in addressing money laundering and terrorist financing risks. 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 at assessing the specific impact on the integrity of the Union’s financial system due to the level of threat posed by a third country. 4. Where AMLA identifies that a third country other than those identified pursuant to Articles 29 and 30 poses a specific and serious threat to the Union’s financial system, it may address an opinion to the Commission setting out the threat it has identified and why it believes that the Commission should identify the third country pursuant to paragraph 1. Where the Commission decides not to identify the third country referred to in the first subparagraph, it shall provide a justification thereof to AMLA. 5. The Commission, when drawing up the delegated acts referred to in paragraph 1, shall take into account in particular relevant evaluations, assessments or reports drawn up by international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing. 6. Where the identified specific and serious threat from the third country concerned amounts to a significant strategic deficiency, Article 29(4) shall apply and the delegated act referred to in paragraph 1 of this Article shall identify specific countermeasures as referred to in Article 29(5). 7. Where the identified specific and serious threat from the third country concerned amounts to a compliance weakness, the delegated act referred to in paragraph 1 shall identify specific enhanced due diligence measures among those listed in Article 34(4), that obliged entities shall apply to mitigate risks related to business relationships or occasional transactions involving natural or legal persons from that third country. 8. The Commission shall review the delegated acts referred to in paragraph 1 on a regular basis to ensure that the countermeasures referred to in paragraph 6 and enhanced due diligence measures referred to in paragraph 7 take account of the changes in the AML/CFT framework of the third country and are proportionate and adequate to the risks. 9. The Commission may adopt, by means of an implementing act, the methodology for the identification of third countries pursuant to this Article. That implementing act shall set out, in particular: (a) how the criteria referred to in paragraph 2 are assessed; (b) the process for interaction with the third country under assessment; (c) the process for involvement of Member States and AMLA in the identification of third countries posing a specific and serious threat to the Union’s financial system. The implementing act referred to in the first subparagraph of this paragraph shall be adopted in accordance with the examination procedure referred to in Article 86(2).

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32. 032 Article 32

    Article 32 Guidelines on money laundering and terrorist financing risks, trends and methods 1. By 10 July 2027, AMLA shall issue guidelines defining the money laundering and terrorist financing risks, trends and methods involving any geographical area outside the Union to which obliged entities are exposed. AMLA 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. 2. AMLA shall review the guidelines referred to in paragraph 1 at least every 2 years. 3. When issuing and reviewing the guidelines referred to in paragraph 1, AMLA shall take into account evaluations, assessments or reports of Union institutions, bodies, offices and agencies, international organisations and standard setters with competence in the field of preventing money laundering and combating terrorist financing.

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33. 033 Article 33

    Article 33 Simplified due diligence measures 1. Where, taking into account the risk factors set out in Annexes II and III, the business relationship or transaction present a low degree of risk, obliged entities may apply the following simplified due diligence measures: (a) verifying 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 60 days of the relationship being established; (b) reducing the frequency of customer identification updates; (c) reducing the amount of information collected to identify the purpose and intended nature of the business relationship or occasional transaction or inferring it from the type of transactions or business relationship established; (d) reducing the frequency or degree of scrutiny of transactions carried out by the customer; (e) applying any other relevant simplified due diligence measure identified by AMLA pursuant to Article 28. The measures referred to in the first subparagraph shall be proportionate to the nature 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. 2. Obliged entities shall ensure that the internal procedures established pursuant to Article 9 contain the specific measures of simplified verification that shall be taken in relation to the different types of customers that present a lower risk. Obliged entities shall document decisions to take into account additional factors of lower risk. 3. For the purpose of applying simplified due diligence measures referred to in paragraph 1, point (a), obliged entities shall adopt risk management procedures with respect to the conditions under which they can provide services or perform transactions for a customer prior to the verification taking place, including by limiting the amount, number or types of transactions that can be performed or by monitoring transactions to ensure that they are in line with the expected norms for the business relationship at hand. 4. Obliged entities shall verify on a regular basis that the conditions for the application of simplified due diligence measures continue to exist. The frequency of such verifications shall be commensurate with the nature and size of the business and the risks posed by the specific relationship. 5. Obliged entities shall refrain from applying simplified due diligence measures in any of the following situations: (a) the obliged entities have doubts as to the veracity of the information provided by the customer or the beneficial owner at the stage of identification, or they detect inconsistencies regarding that information; (b) the factors indicating a lower risk are no longer present; (c) the monitoring of the customer’s transactions and the information collected in the context of the business relationship exclude a lower risk scenario; (d) there is a suspicion of money laundering or terrorist financing; (e) there is a suspicion that the customer, or the person acting on behalf of the customer, is attempting to circumvent or evade targeted financial sanctions.

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34. 034 Article 34

    Article 34 Scope of application of enhanced due diligence measures 1. In the cases referred to in Articles 29, 30, 31 and 36 to 46, as well as in other cases of higher risk that are identified by obliged entities pursuant to Article 20(2), second subparagraph, obliged entities shall apply enhanced due diligence measures to manage and mitigate such risks appropriately. 2. Obliged entities shall examine the origin and destination of funds involved in, and the purpose of, all transactions that fulfil at least one of the following conditions: (a) the transaction is of a complex nature; (b) the transaction is unusually large; (c) the transaction is conducted in an unusual pattern; (d) the transaction does not have an apparent economic or lawful purpose. 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 AMLA pursuant to Article 32, as well as any other indicators of higher risk such as notifications issued by the FIU and findings of the business-wide risk assessment under Article 10. 4. With the exception of the cases covered by Section 2 of this Chapter, in cases of higher risk as referred to in paragraph 1 of this Article, obliged entities shall apply enhanced due diligence measures, proportionate to the higher risks identified, which may include the following measures: (a) obtaining additional information on the customer and the beneficial owners; (b) obtaining additional information on the intended nature of the business relationship; (c) obtaining additional information on the source of funds, and source of wealth of the customer and of the beneficial owners; (d) obtaining information on the reasons for the intended or performed transactions and their consistency with the business relationship; (e) obtaining the approval of senior management for establishing or continuing the business relationship; (f) conducting enhanced monitoring of the business relationship by increasing the number and timing of controls applied, and selecting patterns of transactions that need further examination; (g) requiring the first payment to be carried out through an account in the customer’s name with a credit institution subject to customer due diligence standards that are not less robust than those laid down in this Regulation. 5. Where a business relationship that is identified as having a higher risk involves the handling of assets with a value of at least EUR , or the equivalent in national or foreign currency, through personalised services for a customer holding total assets with a value of at least EUR , or the equivalent in national or foreign currency, whether in financial, investable or real estate assets, or a combination thereof, excluding that customer’s private residence, credit institutions, financial institutions and trust or company service providers shall apply the following enhanced due diligence measures, in addition to any enhanced due diligence measure applied pursuant to paragraph 4: (a) specific measures including procedures to mitigate risks associated with personalised services and products offered to that customer; (b) obtaining additional information on that customer’s source of funds; (c) preventing and managing conflicts of interest between the customer and senior management or employees of the obliged entity that undertake tasks related to that obliged entity’s compliance in relation to that customer. By 10 July 2027, AMLA shall issue guidelines on the measures to be taken by credit institutions, financial institutions and trust or company service providers to establish whether a customer holds total assets with a value of at least EUR , or the equivalent in national or foreign currency, in financial, investable or real estate assets and how to determine that value. 6. With the exception of the cases covered by Section 2 of this Chapter, where Member States identify cases of higher risks pursuant to Article 8 of Directive (EU) 2024/1640, including as a result of sectoral risk assessments carried out by the Member States, they may require obliged entities to apply enhanced due diligence measures and, where appropriate, specify those measures. Member States shall notify to the Commission and AMLA their decisions imposing enhanced due diligence requirements upon obliged entities established in their territory within 1 month of their adoption, accompanied by a justification of the money laundering and terrorist financing risks underpinning such decision. Where the risks identified by Member States pursuant to the first subparagraph are likely to stem from outside the Union and may affect the Union’s financial system, AMLA shall, upon a request from the Commission or on its own initiative, consider updating the guidelines adopted pursuant to Article 32. 7. The Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement this Regulation where it identifies additional cases of higher risk as referred to in paragraph 1 of this Article that affect the Union as a whole and enhanced due diligence measures that obliged entities are to apply in those cases, taking into account the notifications by Member States pursuant to paragraph 6, first subparagraph, of this Article. 8. Enhanced due diligence measures shall not be invoked automatically with respect to branches or subsidiaries of obliged entities established in the Union which are located in third countries referred to in Articles 29, 30 and 31 where those branches or subsidiaries fully comply with the group-wide policies, procedures and controls in accordance with Article 17.

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35. 035 Article 35

    Article 35 Countermeasures to mitigate money laundering and terrorist financing threats from outside the Union For the purposes of Articles 29 and 31, the Commission may choose from among the following countermeasures: (a) countermeasures that obliged entities are to apply to persons and legal entities involving high-risk third countries and, where relevant, other countries posing a threat to the Union’s financial system consisting in: (i) the application of additional elements of enhanced due diligence; (ii) the introduction of enhanced relevant reporting mechanisms or systematic reporting of financial transactions; (iii) the limitation of business relationships or transactions with natural persons or legal entities from those third countries; (b) countermeasures that Member States are to apply with regard to high-risk third countries and, where relevant, other countries posing a threat to the Union’s financial system consisting in: (i) refusing the establishment of subsidiaries or branches or representative offices of obliged entities from the country concerned, or otherwise taking into account the fact that the relevant obliged entity is from a third country that does not have adequate AML/CFT regimes; (ii) prohibiting obliged entities from establishing branches or representative offices in the third country concerned, or otherwise taking into account the fact that the relevant branch or representative office would be in a third country that does not have adequate AML/CFT regimes; (iii) requiring increased supervisory examination or increased external audit requirements for branches and subsidiaries of obliged entities located in the third country concerned; (iv) requiring increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in the third country concerned; (v) requiring credit institutions and financial institutions to review and amend, or if necessary terminate, correspondent relationships with respondent institutions in the third country concerned.

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36. 036 Article 36

    Article 36 Specific enhanced due diligence measures for cross-border correspondent relationships With respect to cross-border correspondent relationships, including relationships established for securities transactions or fund transfers, involving the execution of payments with a third-country respondent institution, in addition to the customer due diligence measures laid down in Article 20, credit institutions and financial institutions shall, when entering into a business relationship, be required to: (a) gather sufficient information about the respondent institution to understand fully the nature of the respondent’s business and to determine from publicly available information the reputation of the institution and the quality of supervision; (b) assess the respondent institution’s AML/CFT controls; (c) obtain approval from senior management before establishing new correspondent relationships; (d) document the respective responsibilities of each institution; (e) with respect to payable-through accounts, be satisfied that the respondent institution has verified the identity of, and performed ongoing due diligence on, the customers having direct access to accounts of the correspondent institution, and that it is able to provide relevant customer due diligence data to the correspondent institution, upon request. Where credit institutions and financial institutions decide to terminate cross-border correspondent relationships for reasons relating to AML/CFT policy, they shall document their decision.

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37. 037 Article 37

    Article 37 Specific enhanced due diligence measures for cross-border correspondent relationships for crypto-asset service providers 1. By way of derogation from Article 36, with respect to cross-border correspondent relationships involving the execution of crypto-asset services, with a respondent entity not established in the Union and providing similar services, including transfers of crypto-assets, crypto-asset service providers shall, in addition to the customer due diligence measures laid down in Article 20, when entering into a business relationship, be required to: (a) determine if the respondent entity is licensed or registered; (b) gather sufficient information about the respondent entity to understand fully the nature of the respondent’s business and to determine from publicly available information the reputation of the entity and the quality of supervision; (c) assess the respondent entity’s AML/CFT controls; (d) obtain approval from senior management before establishing the new correspondent relationship; (e) document the respective responsibilities of each party to the correspondent relationship; (f) with respect to payable-through crypto-asset accounts, be satisfied that the respondent entity has verified the identity of, and performed ongoing due diligence on, the customers having direct access to accounts of the correspondent entity, and that it is able to provide relevant customer due diligence data to the correspondent entity, upon request. Where crypto-asset service providers decide to terminate correspondent relationships for reasons relating to AML/CFT policy, they shall document their decision. Crypto-asset service providers shall update the due diligence information for the correspondent relationship on a regular basis or when new risks emerge in relation to the respondent entity. 2. Crypto-asset service providers shall take into account the information collected pursuant to paragraph 1 in order to determine, on a risk sensitive basis, the appropriate measures to be taken to mitigate the risks associated with the respondent entity. 3. By 10 July 2027, AMLA shall issue guidelines to specify the criteria and elements that crypto-asset service providers shall take into account for conducting the assessment referred to in paragraph 1 and the risk mitigating measures referred to in paragraph 2, including the minimum action to be taken by crypto-asset service providers upon identification that the respondent entity is not registered or licensed.

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38. 038 Article 38

    Article 38 Specific measures for individual third-country respondent institutions 1. Credit institutions and financial institutions shall apply the measures laid down in paragraph 6 of this Article in relation to third-country respondent institutions with which they have a correspondent relationship pursuant to Articles 36 or 37 and in respect of which AMLA issues a recommendation pursuant to paragraph 2 of this Article. 2. AMLA shall issue a recommendation addressed to credit institutions and financial institutions where there are concerns that respondent institutions in third countries fall into any of the following situations: (a) they are in serious, repeated or systematic breach of AML/CFT requirements; (b) they have weaknesses in their internal policies, procedures and controls that are likely to result in serious, repeated or systematic breaches of AML/CFT requirements; (c) they have in place internal policies, procedures and controls that are not commensurate with the risks of money laundering, its predicate offences and terrorist financing to which the third-country respondent institution is exposed. 3. The recommendation referred to in paragraph 2 shall be issued where all of the following conditions are met: (a) on the basis of the information available in the context of its supervisory activities, a financial supervisor, including AMLA when performing its supervisory activities, deems that a third-country respondent institution falls into any of the situations listed in paragraph 2 and may affect the risk exposure of the correspondent relationship; (b) following an assessment of the information available to the financial supervisor referred to in point (a) of this paragraph, there is an agreement among financial supervisors in the Union that the third-country respondent institution falls into any of the situations listed in paragraph 2 and may affect the risk exposure of the correspondent relationship. 4. Prior to issuing the recommendation referred to in paragraph 2, AMLA shall consult the third-country supervisor in charge of the respondent institution and request that it provides its own as well as the respondent institution’s views on the adequacy of AML/CFT policies, procedures and controls as well as of the customer due diligence measures the respondent institution has in place to mitigate risks of money laundering, its predicate offences and terrorist financing and remedial measures to be put in place. Where no reply is provided within 2 months or where the reply provided does not indicate that the third-country respondent institution can implement satisfactory AML/CFT policies, procedures and controls as well as apply adequate customer due diligence measures to mitigate the risks to which it is exposed that may affect the correspondent relationship, AMLA shall proceed with the recommendation. 5. AMLA shall withdraw the recommendation referred to in paragraph 2 as soon as it considers that a third-country respondent institution on which it adopted that recommendation no longer fulfils the conditions laid down in paragraph 3. 6. In relation to third-country respondent institutions referred to in paragraph 1, credit institutions and financial institutions shall: (a) abstain from entering into new business relationships with the third-country respondent institution unless they conclude, on the basis of the information collected under Article 36 or 37, that the mitigating measures applied to the business relationship with the third-country respondent institution and the measures in place in the third-country respondent institution can adequately mitigate the money laundering and terrorist financing risks associated with that business relationship; (b) for ongoing business relationships with the third-country respondent institution: (i) review and update the information on the respondent institution pursuant to Articles 36 or 37; (ii) terminate the business relationship unless they conclude, on the basis of the information collected under point (i), that the mitigating measures applied to the business relationship with the third-country respondent institution and the measures in place in the third-country respondent institution can adequately mitigate the money laundering and terrorist financing risks associated with that business relationship; (c) inform the respondent institution of the conclusions they have drawn in relation to the risks posed by the correspondent relationship following the recommendation by AMLA and the measures taken pursuant to points (a) or (b). Where AMLA has withdrawn a recommendation pursuant to paragraph 5, credit institutions and financial institutions shall review their assessment as to whether the third-country respondent institutions fulfil any of the conditions laid down in paragraph 3. 7. Credit institutions and financial institutions shall document any decision taken pursuant to this Article.

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39. 039 Article 39

    Article 39 Prohibition of correspondent relationships with shell institutions 1. Credit institutions and financial institutions shall not enter into, or continue, a correspondent relationship with a shell institution. Credit institutions and financial institutions shall take appropriate measures to ensure that they do not engage in or continue correspondent relationships with a credit institution or financial institution that is known to allow its accounts to be used by a shell institution. 2. In addition to the requirement laid down in paragraph 1, crypto-asset service providers shall ensure that their accounts are not used by shell institutions to provide crypto-asset services. To that end, crypto-asset service providers shall have in place internal policies, procedures and controls to detect any attempt to use their accounts for the provision of unregulated crypto-asset services.

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40. 040 Article 40

    Article 40 Measures to mitigate risks in relation to transactions with a self-hosted address 1. Crypto-asset service providers shall identify and assess the risk of money laundering and financing of terrorism associated with transfers of crypto-assets directed to or originating from a self-hosted address. To that end, crypto-asset service providers shall have in place internal policies, procedures and controls. Crypto-asset service providers shall apply mitigating measures commensurate with the risks identified. Those mitigating measures shall include one or more of the following: (a) taking risk-based measures to identify, and verify the identity of, the originator or beneficiary of a transfer made from or to a self-hosted address or beneficial owner of such originator or beneficiary, including through reliance on third parties; (b) requiring additional information on the origin and destination of the crypto-assets; (c) conducting enhanced ongoing monitoring of transactions with a self-hosted address; (d) any other measure to mitigate and manage the risks of money laundering and financing of terrorism as well as the risk of non-implementation and evasion of targeted financial sanctions. 2. By 10 July 2027, AMLA shall issue guidelines to specify the mitigating measures referred to in paragraph 1, including: (a) the criteria and means for identification and verification of the identity of the originator or beneficiary of a transfer made from or to a self-hosted address, including through reliance on third parties, taking into account the latest technological developments; (b) criteria and means for the verification of whether or not the self-hosted address is owned or controlled by a customer.

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41. 041 Article 41

    Article 41 Specific provisions regarding applicants for residence by investment schemes In addition to the customer due diligence measures laid down in Article 20, with respect to customers who are third-country nationals who are in the process of applying for residence rights in a Member State in exchange for any kind of investment, including transfers, purchase or renting of property, investment in government bonds, investment in corporate entities, donation or endowment of an activity contributing to the public good and contributions to the state budget, obliged entities shall, as a minimum, apply enhanced due diligence measures set out in Article 34(4), points (a), (c), (e) and (f).

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42. 042 Article 42

    Article 42 Specific provisions regarding politically exposed persons 1. In addition to the customer due diligence measures laid down in Article 20, obliged entities shall apply the following measures with respect to occasional transactions or business relationships with politically exposed persons: (a) obtain senior management approval for carrying out occasional transactions or for establishing or continuing business relationships with politically exposed persons; (b) take adequate measures to establish the source of wealth and source of funds that are involved in business relationships or occasional transactions with politically exposed persons; (c) conduct enhanced, ongoing monitoring of those business relationships. 2. By 10 July 2027, AMLA shall issue guidelines on the following matters: (a) the criteria for the identification of persons known to be close associates; (b) the level of risk associated with a particular category of politically exposed person, family member or person known to be a close associate, including guidance on how such risks are to be assessed where the person is no longer entrusted with a prominent public function for the purposes of Article 45.

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43. 043 Article 43

    Article 43 List of prominent public functions 1. Each Member State shall issue and keep up-to-date a list indicating the exact functions which, in accordance with its national laws, regulations and administrative provisions, qualify as prominent public functions for the purposes of Article 2(1), point (34). Member States shall request each international organisation accredited on their territories to issue and keep up-to-date a list of prominent public functions at that international organisation for the purposes of Article 2(1), point (34). Those lists shall also include any function which may be entrusted to representatives of third countries and of international bodies accredited at Member State level. Member States shall notify those lists, as well as any change made to them, to the Commission and to AMLA. 2. The Commission may set out, by means of an implementing act, the format for the establishment and communication of the Member States’ lists of prominent public functions pursuant to paragraph 1. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 86(2). 3. The Commission is empowered to adopt delegated acts in accordance with Article 85 to supplement Article 2(1), point (34), where the lists notified by Member States pursuant to paragraph 1 identify common additional categories of prominent public functions and those categories of prominent public functions are of relevance for the Union as a whole. When drawing up delegated acts pursuant to the first subparagraph, the Commission shall consult AMLA. 4. The Commission shall draw up and keep up-to-date the list of the exact functions which qualify as prominent public functions at the level of the Union. That list shall also include any function which may be entrusted to representatives of third countries and of international bodies accredited at Union level. 5. The Commission shall assemble, based on the lists provided for in paragraphs 1 and 4 of this Article, a single list of all prominent public functions for the purposes of Article 2(1), point (34). The Commission shall publish that single list in the Official Journal of the European Union. AMLA shall make that list publicly available on its website.

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44. 044 Article 44

    Article 44 Politically exposed persons who are beneficiaries of insurance policies Obliged entities shall take reasonable measures to determine whether the beneficiaries of a life or other investment-related insurance policy or, where relevant, the beneficial owner of the beneficiary are politically exposed persons. Those measures shall be taken no later than at the time of the payout or at the time of the assignment, in whole or in part, of the policy. Where there are higher risks identified, in addition to applying the customer due diligence measures laid down in Article 20, obliged entities shall: (a) inform senior management before payout of policy proceeds; (b) conduct enhanced scrutiny of the entire business relationship with the policyholder.

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45. 045 Article 45

    Article 45 Measures for persons who cease to be politically exposed persons 1. Where a politically exposed person is no longer entrusted with a prominent public function by the Union, a Member State, third country or an international organisation, obliged entities shall take into account the continuing risk posed by that person, as a result of his or her former function, in their assessment of money laundering and terrorist financing risks in accordance with Article 20. 2. Obliged entities shall apply one or more of the measures referred to in Article 34(4) to mitigate the risks posed by the politically exposed person until such time as the risks referred to in paragraph 1 of this Article no longer exist, but in any case for not less than 12 months following the time when the individual ceased to be entrusted with a prominent public function. 3. The obligation referred to in paragraph 2 shall apply accordingly where an obliged entity carries out an occasional transaction or enters into a business relationship with a person who in the past was entrusted with a prominent public function by the Union, a Member State, third country or an international organisation.

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46. 046 Article 46

    Article 46 Family members and persons known to be close associates of politically exposed persons The measures referred to in Articles 42, 44 and 45 shall also apply to family members or persons known to be close associates of politically exposed persons.

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47. 047 Article 47

    Article 47 Specifications for the life and other investment-related insurance sector For life or other investment-related insurance business, in addition to the customer due diligence measures required for the customer and the beneficial owner, obliged entities shall apply the following customer due diligence measures on the beneficiaries of life insurance and other investment-related insurance policies, as soon as the beneficiaries are identified or designated: (a) in the case of beneficiaries that are identified as specifically named persons or legal arrangements, recording the name of the person or arrangement; (b) in the case of beneficiaries that are designated by characteristics or by class or by other means, obtaining sufficient information concerning those beneficiaries so that it will be able to establish the identity of the beneficiary at the time of the payout. For the purposes of the first subparagraph, the verification of the identity of the beneficiaries and, where relevant, their beneficial owners shall take place at the time of the payout. In the case of assignment, in whole or in part, of the life or other investment-related insurance to a third party, obliged entities aware of the assignment shall identify the beneficial owner at the time of the assignment to the natural or legal person or legal arrangement receiving for its own benefit the value of the policy assigned.

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48. 048 Article 48

    Article 48 General provisions relating to reliance on other obliged entities 1. Obliged entities may rely on other obliged entities, whether located in a Member State or in a third country, to meet the customer due diligence requirements laid down in Article 20(1), points (a), (b) and (c), provided that: (a) the other obliged entities apply customer due diligence requirements and record-keeping requirements laid down in this Regulation, or equivalent when the other obliged entities reside or are established in a third country; (b) compliance with AML/CFT requirements by the other obliged entities is supervised in a manner consistent with Chapter IV of Directive (EU) 2024/1640. The ultimate responsibility for meeting the customer due diligence requirements shall remain with the obliged entity which relies on another obliged entity. 2. When deciding to rely on other obliged entities located 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 AMLA or other competent authorities. 3. In the case of obliged entities that are part of a group, compliance with the requirements of this Article and of Article 49 may be ensured through group-wide policies, procedures and controls provided that all the following conditions are met: (a) the obliged entity relies on information provided solely by an obliged entity that is part of the same group; (b) the group applies AML/CFT policies and procedures, customer due diligence measures and rules on record-keeping that are fully in compliance with this Regulation, or with equivalent rules in third countries; (c) the effective implementation of the requirements referred to in point (b) of this paragraph is supervised at group level by the supervisory authority of the home Member State in accordance with Chapter IV of Directive (EU) 2024/1640 or of the third country in accordance with the rules of that third country. 4. Obliged entities shall not rely on obliged entities established in third countries identified pursuant to Section 2 of this Chapter. However, obliged entities established in the Union whose branches and subsidiaries are established in those third countries may rely on those branches and subsidiaries, where all the conditions laid down in paragraph 3, are met.

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49. 049 Article 49

    Article 49 Process of reliance on another obliged entity 1. Obliged entities shall obtain from the obliged entity relied upon all the necessary information concerning the customer due diligence measures laid down in Article 20(1), points (a), (b) and (c), or the business being introduced. 2. Obliged entities which rely on other obliged entities shall take all necessary steps to ensure that the obliged entity relied upon provides, upon request: (a) copies of the information collected to identify the customer; (b) all supporting documents or trustworthy sources of information that were used to verify the identity of the client, and, where relevant, of the customer’s beneficial owners or persons on whose behalf the customer acts, including data obtained through electronic identification means and relevant trust services as set out in Regulation (EU) No 910/2014; and (c) any information collected on the purpose and intended nature of the business relationship. 3. The information referred to in paragraphs 1 and 2 shall be provided by the obliged entity relied upon without delay and in any case within 5 working days. 4. The conditions for the transmission of the information and documents mentioned in paragraphs 1 and 2 shall be specified in a written agreement between the obliged entities. 5. Where the obliged entity relies on an obliged entity that is part of its group, the written agreement may be replaced by an internal procedure established at group level, provided that the conditions laid down in Article 48(3) are met.

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50. 050 Article 50

    Article 50 Guidelines on reliance on other obliged entities By 10 July 2027, AMLA shall issue guidelines addressed to obliged entities on: (a) the conditions which are acceptable for obliged entities to rely on information collected by another obliged entity, including in the case of remote customer due diligence; (b) the roles and responsibility of the obliged entities involved in a situation of a reliance on another obliged entity; (c) supervisory approaches to reliance on other obliged entities.

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51. 051 Article 51

    Article 51 Identification of beneficial owners for legal entities Beneficial owners of legal entities shall be the natural persons who: (a) have, directly or indirectly, an ownership interest in the corporate entity; or (b) control, directly or indirectly, the corporate or other legal entity, through ownership interest or via other means. Control via other means as referred to in the first paragraph, point (b), shall be identified independently of and in parallel to the existence of an ownership interest or control through ownership interest.

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52. 052 Article 52

    Article 52 Beneficial ownership through ownership interest 1. For the purpose of Article 51, first paragraph, point (a), ‘an ownership interest in the corporate entity’ shall mean direct or indirect ownership of 25 % or more of the shares or voting rights or other ownership interest in the corporate entity, including rights to a share of profits, other internal resources or liquidation balance. The indirect ownership shall be calculated by multiplying the shares or voting rights or other ownership interests held by the intermediate entities in the chain of entities in which the beneficial owner holds shares or voting rights and by adding together the results from those various chains, unless Article 54 applies. For the purposes of assessing whether an ownership interest exists in the corporate entity, all shareholdings on every level of ownership shall be taken into account. 2. Where Member States identify pursuant to Article 8(4), point (c), of Directive (EU) 2024/1640 categories of corporate entities that are exposed to higher money laundering and terrorist financing risks, including based on the sectors in which they operate, they shall inform the Commission thereof. By 10 July 2029, the Commission shall assess whether the risks associated with those categories of legal entities are relevant for the internal market and, where it concludes that a lower threshold is appropriate to mitigate those risks, adopt delegated acts in accordance with Article 85 to amend this Regulation by identifying: (a) the categories of corporate entities that are associated with higher money laundering and terrorist financing risks and for which a lower threshold shall apply; (b) the related thresholds. The lower threshold referred to in the first subparagraph shall be set at a maximum of 15 % of ownership interest in the corporate entity, unless the Commission concludes, on the basis of risk, that a higher threshold would be more proportionate, which shall in any case be set at less than 25 %. 3. The Commission shall review the delegated act referred to in paragraph 2 on a regular basis to ensure that it identifies the relevant categories of corporate entities that are associated with higher risks, and that the related thresholds are commensurate with those risks. 4. In the case of legal entities other than corporate entities, for which, having regard to their form and structure, it is not appropriate or possible to calculate ownership, the beneficial owners shall be the natural persons who control via other means, directly or indirectly, the legal entity, pursuant to Article 53(3) and (4), except where Article 57 applies.

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53. 053 Article 53

    Article 53 Beneficial ownership through control 1. Control over a corporate or other legal entity shall be exercised through ownership interest or via other means. 2. For the purposes of this Chapter, the following definitions apply: (a) ‘control of the legal entity’ means the possibility to exercise, directly or indirectly, significant influence and impose relevant decisions within the legal entity; (b) ‘indirect control of a legal entity’ means control of intermediate legal entities in the ownership structure or in various chains of the ownership structure, where the direct control is identified on each level of the structure; (c) ‘control through ownership interest of the corporate entity’ means direct or indirect ownership of 50 % plus one of the shares or voting rights or other ownership interest in the corporate entity. 3. Control of the legal entity via other means shall in any case include the possibility to exercise: (a) in the case of a corporate entity, the majority of the voting rights in the corporate entity, whether or not shared by persons acting in concert; (b) the right to appoint or remove a majority of the members of the board or the administrative, management or supervisory body or similar officers of the legal entity; (c) relevant veto rights or decision rights attached to the share of the corporate entity; (d) decisions regarding distribution of profit of the legal entity or leading to a shift in assets in the legal entity. 4. In addition to paragraph 3, control of the legal entity may be exercised via other means. Depending on the particular situation of the legal entity and its structure, other means of control may include: (a) formal or informal agreements with owners, members or the legal entities, provisions in the articles of association, partnership agreements, syndication agreements, or equivalent documents or agreements depending on the specific characteristics of the legal entity, as well as voting arrangements; (b) relationships between family members; (c) use of formal or informal nominee arrangements. For the purpose of this paragraph, ‘formal nominee arrangement’ means a contract or an equivalent arrangement, between a nominator and a nominee, where the nominator is a legal entity or natural person that issues instructions to a nominee to act on their behalf in a certain capacity, including as a director or shareholder or settlor, and the nominee is a legal entity or natural person instructed by the nominator to act on their behalf.

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54. 054 Article 54

    Article 54 Coexistence of ownership interest and control in the ownership structure Where corporate entities are owned through a multi-layered ownership structure, and in one or more chains of that structure the ownership interest and the control coexist in relation to different layers of the chain, the beneficial owners shall be: (a) the natural persons who control, directly or indirectly, through ownership interest or via other means, legal entities that have a direct ownership interest in the corporate entity, whether individually or cumulatively; (b) the natural persons who, whether individually or cumulatively, directly or indirectly, have an ownership interest in the corporate entity that controls, through ownership interest or via other means, the corporate entity, directly or indirectly.

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55. 055 Article 55

    Article 55 Ownership structures involving legal arrangements or similar legal entities Where legal entities referred to in Article 57 or legal arrangements have an ownership interest in the corporate entity, whether individually or cumulatively, or control, directly or indirectly, the corporate entity, through ownership interest or via other means, the beneficial owners shall be the natural persons who are the beneficial owners of the legal entities referred to in Article 57 or of the legal arrangements.

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56. 056 Article 56

    Article 56 Notifications Each Member State shall notify to the Commission by 10 October 2027 a list of the types of legal entities existing under its national law with beneficial owners identified in accordance with Article 51 and Article 52(4). That notification shall include the specific categories of entities, description of characteristics and, where applicable, legal basis under the national law of the Member State concerned. It shall also include an indication of whether, due to the specific form and structures of legal entities other than corporate entities, the mechanism under Article 63(4) applies, accompanied by a detailed justification of the reasons for that. The Commission shall communicate the notification referred to in the first paragraph to other Member States.

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57. 057 Article 57

    Article 57 Identification of beneficial owners for legal entities similar to express trust 1. In the case of legal entities other than those referred to in Article 51, similar to express trust, such as foundations, the beneficial owners shall be all the following natural persons: (a) the founders; (b) the members of the management body in its management function; (c) the members of the management body in its supervisory function; (d) the beneficiaries, unless Article 59 applies; (e) any other natural person, who controls directly or indirectly the legal entity. 2. In cases where legal entities referred to in paragraph 1 belong to multi-layered control structures, where any of the positions listed in paragraph 1 is held by a legal entity, beneficial owners of the legal entity referred to in paragraph 1 shall be: (a) the natural persons listed in paragraph 1; and (b) the beneficial owners of the legal entities that occupy any of the positions listed in paragraph 1. 3. Member States shall notify to the Commission by 10 October 2027 a list of types of legal entities, of which the beneficial owners are identified in accordance with paragraph 1. The notification referred to in the first subparagraph shall be accompanied by a description of: (a) the form and basic features of those legal entities; (b) the process through which they can be set up; (c) the process for accessing basic information and beneficial ownership information on those legal entities; (d) the websites at which the central registers containing information on beneficial owners of those legal entities can be consulted and contact details of the entities in charge of those registers. 4. The Commission may adopt, by means of an implementing act, a list of types of legal entities governed by the law of Member States which should be subject to the requirements of this Article. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 86(2).

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58. 058 Article 58

    Article 58 Identification of beneficial owners for express trusts and similar legal arrangements 1. The beneficial owners of express trusts shall be all the following natural persons: (a) the settlors; (b) the trustees; (c) the protectors, if any; (d) the beneficiaries, unless Article 59 or 60 applies; (e) any other natural persons exercising ultimate control over the express trust by means of direct or indirect ownership or by other means, including through a chain of control or ownership. 2. The beneficial owners of other legal arrangements similar to express trusts shall be the natural persons holding equivalent or similar positions to those referred to in paragraph 1. 3. Where legal arrangements belong to multi-layered control structures and where any of the positions listed in paragraph 1 is held by a legal entity, the beneficial owners of the legal arrangement shall be: (a) the natural persons listed in paragraph 1; and (b) the beneficial owners of the legal entities that occupy any of the positions listed in paragraph 1. 4. Member States shall notify to the Commission by 10 October 2027 a list of types of legal arrangements similar to express trusts which are governed under their law. The notification shall be accompanied by a description of: (a) the form and basic features of those legal arrangements; (b) the process through which those legal arrangements can be set up; (c) the process for accessing basic information and beneficial ownership information on those legal arrangements; (d) the websites at which the central registers containing information on beneficial owners of those legal arrangements can be consulted and the contact details of the entities in charge of those registers. The notification shall also be accompanied by a justification detailing the reasons why the Member State considers the notified legal arrangements to be similar to express trusts and why it concluded that other legal arrangements governed under its law are not similar to express trusts. 5. The Commission may adopt, by means of an implementing act, a list of types of legal arrangements governed under the law of Member States which should be subject to the same beneficial ownership transparency requirements as express trusts, accompanied by the information referred to in paragraph 4, second subparagraph of this Article. That implementing act shall be adopted in accordance with the examination procedure referred to in Article 86(2).

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59. 059 Article 59

    Article 59 Identification of a class of beneficiaries 1. In the case of legal entities similar to express trusts under Article 57 or, with the exception of discretionary trusts, express trusts and similar legal arrangements under Article 58, where beneficiaries have yet to be determined, the class of beneficiaries and its general characteristics shall be identified. Beneficiaries within the class shall be beneficial owners as soon as they are identified or designated. 2. In the following cases, only the class of beneficiaries and its characteristics shall be identified: (a) pension schemes within the scope of Directive (EU) 2016/2341; (b) employee financial ownership or participation schemes, provided that Member States, following an appropriate risk assessment, have concluded a low risk of misuse for money laundering or terrorist financing; (c) legal entities similar to express trusts under Article 57, express trusts and similar legal arrangements under Article 58, provided that: (i) the legal entity, the express trust or similar legal arrangement is set up for a non-profit or charitable purpose; and (ii) following an appropriate risk assessment, Member States have concluded that the category of legal entity, express trust or similar legal arrangement is at a low risk of misuse for money laundering or terrorist financing. 3. Member State shall notify to the Commission the categories of legal entities, express trusts or similar legal arrangements under paragraph 2, together with a justification based on the specific risk assessment. The Commission shall communicate that notification to the other Member States.

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60. 060 Article 60

    Article 60 Identification of objects of a power and default takers in discretionary trusts In the case of discretionary trusts, where beneficiaries have yet to be selected, the objects of a power and default takers shall be identified. Beneficiaries among the objects of a power shall be beneficial owners as soon as they are selected. Default takers shall be beneficial owners when the trustees fail to exercise their discretion. Where discretionary trusts meet the conditions laid down in Article 59(2), only the class of objects of a power and default takers shall be identified. Those categories of discretionary trusts shall be notified to the Commission in accordance with paragraph 3 of that Article.

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61. 061 Article 61

    Article 61 Identification of beneficial owners of collective investment undertakings By way of derogation from Article 51, first paragraph and Article 58(1), the beneficial owners of collective investment undertakings shall be the natural persons who fulfil one or more of the following conditions: (a) they hold directly or indirectly 25 % or more of the units held in the collective investment undertaking; (b) they have the ability to define or influence the investment policy of the collective investment undertaking; (c) they control the activities of the collective investment undertaking through other means.

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62. 062 Article 62

    Article 62 Beneficial ownership information 1. Legal entities and trustees of express trusts or persons holding equivalent positions in similar legal arrangements shall ensure that the beneficial ownership information which they hold, provide to obliged entities in the context of customer due diligence procedures in accordance with Chapter III or submit to central registers is adequate, accurate, and up-to-date. The beneficial ownership information referred to in the first subparagraph shall include the following: (a) all names and surnames, place and full date of birth, residential address, country of residence and nationality or nationalities of the beneficial owner, number of identity document, such as passport or national identity document, and, where it exists, unique personal identification number assigned to the person by his or her country of usual residence, and general description of the source of such number; (b) the nature and extent of the beneficial interest held in the legal entity or legal arrangement, whether through ownership interest or control via other means, as well as the date as of which the beneficial interest is held; (c) information on the legal entity of which the natural person is the beneficial owner in accordance with Article 22(1), point (b), or, in the case of legal arrangements of which the natural person is the beneficial owner, basic information on the legal arrangement; (d) where the ownership and control structure contains more than one legal entity or legal arrangement, a description of such structure, including names and, where it exists, identification numbers of the individual legal entities or legal arrangements that are part of that structure, and a description of the relationships between them, including the share of the interest held; (e) where a class of beneficiaries is identified under Article 59, general description of the characteristic of the class of beneficiaries; (f) where objects of a power and default takers are identified under Article 60: (i) for natural persons, their names and surnames; (ii) for legal entities and legal arrangements, their names; (iii) for a class of objects of a power or default takers, its description. 2. Legal entities and trustees of express trusts or persons holding an equivalent position in a similar legal arrangement shall obtain adequate, accurate, and up-to-date beneficial ownership information within 28 calendar days of the creation of the legal entity or the setting up of the legal arrangement. That information shall be updated promptly, and, in any case, within 28 calendar days of any change thereto, as well as on an annual basis.

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63. 063 Article 63

    Article 63 Obligations of legal entities 1. All legal entities created in the Union shall obtain and hold adequate, accurate and up-to-date beneficial ownership information. Legal entities shall provide, in addition to information about their legal owners, information on the beneficial owners to obliged entities where the obliged entities are applying customer due diligence measures in accordance with Chapter III. 2. A legal entity shall report beneficial ownership information to the central register without undue delay after its creation. Any change to that information shall be reported to the central register without undue delay and, in any case, within 28 calendar days thereof. The legal entity shall regularly verify that it holds up-to-date information on its beneficial ownership. As a minimum, such verification shall be performed annually whether as a self-standing process or as part of other periodical processes, such as the submission of financial statement. The beneficial owners of a legal entity as well as the legal entities and, in the case of legal arrangements, their trustees or persons holding an equivalent position, which are part of the ownership or control structure of a legal entity, shall provide that legal entity with all the information necessary for the legal entity to comply with the requirements of this Chapter or to respond to any request for additional information received pursuant to Article 10(4) of Directive (EU) 2024/1640. 3. Where, having exhausted all possible means of identification pursuant to Articles 51 to 57, no person is identified as beneficial owner, or where there is substantial and justified uncertainty on the part of the legal entity that the persons identified are the beneficial owners, legal entities shall keep records of the actions taken in order to identify their beneficial owners. 4. In the cases referred to in paragraph 3 of this Article, when providing beneficial ownership information in accordance with Article 20 of this Regulation and Article 10 of Directive (EU) 2024/1640, legal entities shall provide the following: (a) a statement that there is no beneficial owner or that the beneficial owners could not be determined, accompanied by a justification as to why it was not possible to determine the beneficial owner in accordance with Articles 51 to 57 of this Regulation and what constitutes uncertainty about the ascertained information; (b) the details of all natural persons who hold the position of senior managing officials in the legal entity equivalent to the information required under Article 62(1), second subparagraph, point (a) of this Regulation. For the purpose of this paragraph, ‘senior managing officials’ means the natural persons who are the executive members of the management body, as well as the natural persons who exercise executive functions within a legal entity and are responsible, and accountable to the management body, for the day-to-day management of the entity. 5. Legal entities shall make the information collected pursuant to this Article available, upon request and without delay, to competent authorities. 6. The information referred to in paragraph 4 shall be maintained for 5 years after the date on which the legal entities are dissolved or otherwise cease to exist, whether by persons designated by the entity to retain the documents, or by administrators or liquidators or other persons involved in the dissolution of the entity. The identity and contact details of the person responsible for retaining the information shall be reported to the central registers.

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64. 064 Article 64

    Article 64 Trustee obligations 1. In the case of any legal arrangement administered in a Member State or whose trustee or the person holding an equivalent position in a similar legal arrangement resides or is established in a Member State, trustees and persons holding an equivalent position in a similar legal arrangement shall obtain and hold the following information regarding the legal arrangement: (a) basic information on the legal arrangement; (b) adequate, accurate and up-to-date beneficial ownership information as provided under Article 62; (c) where legal entities or legal arrangements are parties to the legal arrangement, basic information and beneficial ownership information on those legal entities and legal arrangements; (d) information on any agent authorised to act on behalf of the legal arrangement or to take any action in relation to it, and on the obliged entities with which the trustee or person holding an equivalent position in a similar legal arrangement enter into a business relationship on behalf of the legal arrangement. The information referred to in the first subparagraph shall be maintained for 5 years after the involvement of the trustee or the person holding an equivalent position with the express trust or similar legal arrangement ceases to exist. 2. The trustee or the person holding an equivalent position in a similar legal arrangement shall obtain and report to the central register beneficial ownership information and basic information on the legal arrangement without undue delay after the setting up of the express trust or similar legal arrangement and, in any case, within 28 calendar days thereof. The trustee or the person holding an equivalent position in a similar legal arrangement shall ensure that any change of beneficial ownership or of the basic information on the legal arrangement is reported to the central register without undue delay, and in any case, within 28 calendar days thereof. The trustee or the person holding an equivalent position in a similar legal arrangement shall regularly verify that the information they hold over the legal arrangement pursuant to paragraph 1, first subparagraph, is updated. Such verification shall be performed at least annually, whether as a self-standing process or as part of other periodical processes. 3. The trustees or the persons holding an equivalent position in a similar legal arrangement referred to in paragraph 1 shall disclose their status and provide the information on the beneficial owners and on the assets of the legal arrangements that are to be managed in the context of a business relationship or occasional transaction to obliged entities when the obliged entities are applying customer due diligence measures in accordance with Chapter III. 4. The beneficial owners of a legal arrangement other than the trustees or persons holding an equivalent position, its agents and the obliged entities servicing the legal arrangement, as well as any person and, in the case of legal arrangements, their trustees, who are part of the multi-layered control structure of the legal arrangement, shall provide the trustees or persons holding an equivalent position in a similar legal arrangement with all the information and documentation necessary for the trustees or persons holding an equivalent position to comply with the requirements of this Chapter. 5. Trustees of an express trust and persons holding an equivalent position in a similar legal arrangement shall make the information collected pursuant to this Article available, upon request and without delay, to competent authorities. 6. In the case of legal arrangements whose parties are legal entities, where, after having exhausted all possible means of identification pursuant to Articles 51 to 57, no person is identified as beneficial owner of those legal entities, or where there is substantial and justified uncertainty that the persons identified are the beneficial owners, trustees of express trusts or persons in an equivalent position in similar legal arrangements shall keep records of the actions taken in order to identify their beneficial owners. 7. In the cases referred to in paragraph 6 of this Article, when providing beneficial ownership information in accordance with Article 20 of this Regulation and Article 10 of Directive (EU) 2024/1640, trustees of express trusts or persons in an equivalent position in similar legal arrangements shall provide the following: (a) a statement that there is no beneficial owner or that the beneficial owners could not be determined, accompanied by a justification as to why it was not possible to determine the beneficial owner in accordance with Article 51 to 57 of this Regulation and what constitutes uncertainty about the ascertained information; (b) the details of all natural persons who hold the position of senior managing officials in the legal entity that is party to the legal arrangement equivalent to the information required under Article 62(1), second subparagraph, point (a), of this Regulation.

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65. 065 Article 65

    Article 65 Exceptions to obligations of legal entities and legal arrangements Articles 63 and 64 shall not apply to: (a) companies whose securities are admitted to trading on a regulated market, provided that: (i) control over the company is exercised exclusively by the natural person with the voting rights; (ii) no other legal entities or legal arrangements are part of the company’s ownership or control structure; and (iii) for foreign legal entities under Article 67, equivalent requirements to those referred to in subpoints (i) and (ii) of this point exist under international standards; (b) bodies governed by public law as defined in Article 2(1), point (4), of Directive 2014/24/EU of the European Parliament and of the Council.

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66. 066 Article 66

    Article 66 Nominee obligations Nominee shareholders and nominee directors of a legal entity shall maintain adequate, accurate and up-to-date information on the identity of their nominator and the nominator’s beneficial owners and disclose them, as well as their status, to the legal entity. Legal entities shall report that information to the central register. Legal entities shall also report the information referred to in the first paragraph to obliged entities when the obliged entities are applying customer due diligence measures in accordance with Chapter III.

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67. 067 Article 67

    Article 67 Foreign legal entities and foreign legal arrangements 1. Legal entities created outside the Union and trustees of express trusts or persons holding an equivalent position in a similar legal arrangement that are administered outside the Union or that reside or are established outside the Union shall submit beneficial ownership information pursuant to Article 62 to the central register of the Member State where they: (a) enter into a business relationship with an obliged entity; (b) acquire real estate in the Union, whether directly or through intermediaries; (c) acquire, whether directly or through intermediaries, any of the following goods from persons trading as referred to in Article 3, points (3) (f) and (j), in the context of an occasional transaction: (i) motor vehicles for non-commercial purposes for a price of at least EUR or the equivalent in national currency; (ii) watercraft for non-commercial purposes for a price of at least EUR or the equivalent in national currency; (iii) aircraft for non-commercial purposes for a price of at least EUR or the equivalent in national currency; (d) are awarded a public contract for goods or services, or concessions by a contracting authority in the Union. 2. By way of derogation from paragraph 1, point (a), where legal entities created outside the Union enter into a business relationship with an obliged entity, they shall only submit their beneficial ownership information to the central register where: (a) they enter into a business relationship with an obliged entity that is associated with medium-high or high money laundering and terrorist financing risks pursuant to the risk assessment at Union level or the national risk assessment of the Member State concerned referred to in Articles 7 and 8 of Directive (EU) 2024/1640; or (b) the risk assessment at Union level or the national risk assessment of the Member State concerned identifies that the category of legal entity or the sector in which the legal entity created outside the Union operates is associated, where relevant, with medium-high or high money laundering and terrorist financing risks. 3. The beneficial ownership information shall be accompanied by a statement setting out in relation to which of those activities the information is submitted, as well as any relevant document, and shall be submitted: (a) for the cases referred to in paragraph 1, point (a), prior to start of the business relationship; (b) for the cases referred to in paragraph 1, points (b) and (c), before completion of the purchase; (c) for the cases referred to in paragraph 1, point (d), before signature of the contract. 4. For the purposes of paragraph 1, point (a), obliged entities shall inform the legal entities where the conditions laid down in paragraph 2 are met and require a certificate of proof of registration or an excerpt of the beneficial ownership information held in the central register to proceed with the business relationship or occasional transaction. 5. In the cases covered by paragraph 1, legal entities created outside the Union and trustees of express trusts or persons holding an equivalent position in a similar legal arrangement that are administered outside the Union or that reside or are established outside the Union shall report any change to the beneficial ownership information submitted to the central register pursuant to paragraph 1 without undue delay, and in any case, within 28 calendar days thereof. The first subparagraph shall apply: (a) for the cases referred to in paragraph 1, point (a), for the entire duration of the business relationship with the obliged entity; (b) for the cases referred to in paragraph 1, point (b), for as long as the legal entity or legal arrangement owns the real estate; (c) for the cases referred to in paragraph 1, point (c), for the period between the initial submission of the information to the central register and the completion of the purchase; (d) for the cases referred to in paragraph 1, point (d), for the entire duration of the contract. 6. Where the legal entity, the trustee of the express trust or the person holding an equivalent position in a similar legal arrangement meets the conditions laid down in paragraph 1 in different Member States, a certificate of proof of registration of the beneficial ownership information in a central register held by one Member State shall be considered as sufficient proof of registration. 7. Where, on 10 July 2027, legal entities created outside the Union or legal arrangements administered outside the Union or whose trustee or person holding an equivalent position in a similar legal arrangement resides or is established outside the Union own, whether directly or through intermediaries, real estate, the beneficial ownership information of those legal entities and legal arrangements shall be submitted to the central register and accompanied by a justification for that submission by 10 January 2028. However, the first subparagraph shall not apply to legal entities or legal arrangements that have acquired real estate in the Union prior to 1 January 2014. Member States may decide, on the basis of risk, that an earlier date applies and notify the Commission thereof. The Commission shall communicate such decisions to the other Member States. 8. Member States may, on the basis of risk, extend the obligation set out in paragraph 1, point (a), to business relationships with foreign legal entities that are ongoing on 10 July 2027 and notify the Commission thereof. The Commission shall communicate such decisions to the other Member States.

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68. 068 Article 68

    Article 68 Penalties 1. Member States shall lay down rules on the penalties applicable to breaches of the provisions of this Chapter and shall take all measures necessary to ensure that they are implemented. The penalties provided for shall be effective, proportionate and dissuasive. Member States shall by 10 January 2025 notify the Commission of those rules on penalties together with their legal basis and shall notify it, without delay, of any subsequent amendment affecting them. 2. By 10 July 2026, the Commission shall adopt delegated acts in accordance with Article 85 to supplement this Regulation by defining: (a) the categories of breaches that are subject to penalties and the persons liable for such breaches; (b) indicators to classify the level of gravity of breaches that are subject to penalties; (c) the criteria to be taken into account when setting the level of penalties. The Commission shall regularly review the delegated act referred to in the first subparagraph to ensure that it identifies the relevant categories of breaches and that the related penalties are effective, dissuasive and proportionate.

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69. 069 Article 69

    Article 69 Reporting of suspicions 1. Obliged entities, and, where applicable, their directors and employees, shall cooperate fully with the FIU by promptly: (a) reporting to the FIU, on their own initiative, where the obliged entity knows, suspects or has reasonable grounds to suspect that funds or activities, regardless of the amount involved, are the proceeds of criminal activity or are related to terrorist financing or criminal activity and by responding to requests by the FIU for additional information in such cases; (b) providing the FIU, at its request, with all necessary information, including information on transaction records, within the deadlines imposed. All suspicious transactions, including attempted transactions and suspicions arising from the inability to conduct customer due diligence shall be reported in accordance with the first subparagraph. For the purposes of the first subparagraph, obliged entities shall reply to requests for information by the FIU within 5 working days. In justified and urgent cases, FIUs may shorten that deadline, including to less than 24 hours. By way of derogation from the third subparagraph, the FIU may extend the deadline for a response beyond the 5 working days where it considers it justified and provided that the extension does not undermine the FIU’s analysis. 2. For the purposes of paragraph 1, obliged entities shall assess transactions or activities carried out by their customers on the basis of and against any relevant fact and information known to them or which they are in possession of. Where necessary, obliged entities shall prioritise their assessment taking into consideration the urgency of the transaction or activity and the risks affecting the Member State in which they are established. A suspicion pursuant to paragraph 1, point (a), shall be based on the characteristics of the customer and their counterparts, the size and nature of the transaction or activity or the methods and patterns thereof, the link between several transactions or activities, the origin, destination or use of funds, or any other circumstance known to the obliged entity, including the consistency of the transaction or activity with the information obtained pursuant to Chapter III including the risk profile of the client. 3. By 10 July 2026, AMLA 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 suspicions pursuant to paragraph 1, point (a), and for the provision of transaction records pursuant to paragraph 1, point (b). 4. Power is conferred on the Commission to adopt the implementing technical standards referred to in paragraph 3 of this Article in accordance with Article 53 of Regulation (EU) 2024/1620. 5. By 10 July 2027, AMLA shall issue guidelines on indicators of suspicious activity or behaviours. Those guidelines shall be periodically updated. 6. The compliance officer appointed in accordance with Article 11(2) shall transmit the information referred to in paragraph 1 of this Article to the FIU of the Member State in whose territory the obliged entity transmitting the information is established. 7. Obliged entities shall ensure that the compliance officer appointed in accordance with Article 11(2), as well as any employee or person in a comparable position, including agents and distributors, involved in the performance of the tasks covered by this Article are protected against retaliation, discrimination and any other unfair treatment for carrying out those tasks. This paragraph shall not affect the protection that the persons referred to in the first subparagraph may be entitled to under Directive (EU) 2019/1937. 8. Where the activities of a partnership for information sharing result in the knowledge, suspicion or reasonable grounds to suspect that funds, regardless of the amount involved, are the proceeds of criminal activity or are related to terrorist financing, obliged entities which identified suspicions in relation to the activities of their customers may designate one among them which shall be tasked with the submission of a report to the FIU pursuant to paragraph 1, point (a). Such submission shall include at least the name and contact details of all the obliged entities that participated in the activities giving rise to the report. Where the obliged entities referred to in the first subparagraph are established in several Member States, the information shall be reported to each relevant FIU. To that end, obliged entities shall ensure that the report is submitted by an obliged entity within the territory of the Member States where the FIU is located. Where the obliged entities decide not to avail themselves of the possibility to submit a single report with the FIU pursuant to the first subparagraph, they shall include a reference in their reports to the fact that the suspicion is the result of the activities of a partnership for information sharing. 9. The obliged entities referred to in paragraph 8 of this Article shall retain a copy of any reports submitted pursuant to that paragraph in accordance with Article 77.

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70. 070 Article 70

    Article 70 Specific provisions for reporting of suspicions by certain categories of obliged entities 1. By way of derogation from Article 69(1), Member States may allow obliged entities referred to in Article 3, point (3)(a) and (b), to transmit the information referred to in Article 69(1) to a self-regulatory body designated by the Member State. The designated self-regulatory body shall forward the information referred to in the first subparagraph to the FIU promptly and unfiltered. 2. Notaries, lawyers, other independent legal professionals, auditors, external accountants and tax advisors shall be exempted from the requirements laid down in Article 69(1) to the extent that such exemption relates to information that they receive from, or obtain on a client, in the course of ascertaining the legal position of that client, or performing their task of defending or representing that client in, or concerning, judicial proceedings, including providing advice on instituting or avoiding such proceedings, regardless of whether such information is received or obtained before, during or after such proceedings. The exemption set out in the first subparagraph shall not apply when the obliged entities referred to therein: (a) take part in money laundering, its predicate offences or terrorist financing; (b) provide legal advice for the purposes of money laundering, its predicate offences or terrorist financing; or (c) know that the client is seeking legal advice for the purposes of money laundering, its predicate offences or terrorist financing; knowledge or purpose may be inferred from objective factual circumstances. 3. In addition to the situations referred to in paragraph 2, second subparagraph, where justified on the basis of the higher risks of money laundering, its predicate offences or terrorist financing associated with certain types of transactions, Member States may decide that the exemption referred to in paragraph 2, first subparagraph, does not apply to those types of transactions and, as appropriate, impose additional reporting obligations on the obliged entities referred to in that paragraph. Member States shall notify the Commission of any decision taken pursuant to this paragraph. The Commission shall communicate such decisions to the other Member States.

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71. 071 Article 71

    Article 71 Refraining from carrying out transactions 1. Obliged entities shall refrain from carrying out transactions which they know or suspect to be related to proceeds of criminal activity or to terrorist financing until they have submitted a report in accordance with Article 69(1), first subparagraph, point (a), and have complied with any further specific instructions from the FIU or other competent authority in accordance with the applicable law. Obliged entities may carry out the transaction concerned after having assessed the risks of proceeding with the transaction if they have not received instructions to the contrary from the FIU within 3 working days of submitting the report. 2. Where it is not possible for an obliged entity to refrain from carrying out a transaction as referred to in paragraph 1or where refraining would be likely to frustrate efforts to pursue the beneficiaries of a suspected transaction, the obliged entity shall inform the FIU immediately after carrying out the transaction.

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72. 072 Article 72

    Article 72 Disclosure to FIU Disclosure of information to the FIU in good faith by an obliged entity or by an employee or director of such an obliged entity in accordance with Articles 69 and 70 shall not constitute a breach of any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and shall not involve the obliged entity or its directors or employees in liability of any kind even in circumstances where they were not precisely aware of the underlying criminal activity and regardless of whether illegal activity actually occurred.

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6 annexes of the English wording are not served as text, and are never searched, quoted or exported: the act's articles are read from the publisher's Formex package, but its annexes could not be matched to the publisher's PDF, so they were not classified and their text is not served. Official source https://publications.europa.eu/resource/cellar/868bf3cf-2dd4-11ef-a61b-01aa75ed71a1.0006.02.