What changed, Directive 2005/60/EC

+ ## CHAPTER I / SUBJECT MATTER, SCOPE AND DEFINITIONS
− ### art_1
+ ### Article 1
− Article 1
+ (a) the conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of su…
− | (a) | the conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission o…
− | --- | --- |
+ (b) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from criminal activity or from an act of participation in such activity;
− | (b) | the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from criminal activity or from an act of participation in such activity; |
− | --- | --- |
+ (c) the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such activity;
− | (c) | the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such activity; |
− | --- | --- |
+ (d) participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions mentioned in the foregoing points.
− | (d) | participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions mentioned in the foregoing points. |
− | --- | --- |
+ 
+ ### Article 2
+ 
+ 1. This Directive shall apply to:
+ (1) credit institutions;
+ 
+ (2) financial institutions;
+ 
+ (3) the following legal or natural persons acting in the exercise of their professional activities:
+ 
+ (a) auditors, external accountants and tax advisors;
+ 
+ (b) notaries and other independent legal professionals, when they participate, whether by acting on behalf of and for their client in any financial or real estate transaction, or by assisting in the planning or execution of transactions for their client concerning the:
+ 
+ (i) buying and selling of real property or business entities;
+ 
+ (ii) managing of client money, securities or other assets;
+ 
+ (iii) opening or management of bank, savings or securities accounts;
+ 
+ (iv) organisation of contributions necessary for the creation, operation or management of companies;
− ### art_2
+ (v) creation, operation or management of trusts, companies or similar structures;
− Article 2
+ (c) trust or company service providers not already covered under points (a) or (b);
− 1. This Directive shall apply to:
+ (d) real estate agents;
− | (1) | credit institutions; |
− | --- | --- |
+ (e) other natural or legal persons trading in goods, only to the extent that payments are made in cash in an amount of EUR 15 000 or more, whether the transaction is executed in a single operation or in several operations which appear to be linked;
− | (2) | financial institutions; |
− | --- | --- |
+ (f) casinos.
− | (3) | the following legal or natural persons acting in the exercise of their professional activities:(a)auditors, external accountants and tax advisors;(b)notaries and other independent legal professionals, when they participate, whether by acting on behalf of and for their client in any financial…
− | --- | --- |
− | (a) | auditors, external accountants and tax advisors; |
− | (b) | notaries and other independent legal professionals, when they participate, whether by acting on behalf of and for their client in any financial or real estate transaction, or by assisting in the planning or execution of transactions for their client concerning the:(i)buying and selling of re…
− | (i) | buying and selling of real property or business entities; |
− | (ii) | managing of client money, securities or other assets; |
− | (iii) | opening or management of bank, savings or securities accounts; |
− | (iv) | organisation of contributions necessary for the creation, operation or management of companies; |
− | (v) | creation, operation or management of trusts, companies or similar structures; |
− | (c) | trust or company service providers not already covered under points (a) or (b); |
− | (d) | real estate agents; |
− | (e) | other natural or legal persons trading in goods, only to the extent that payments are made in cash in an amount of EUR 15 000 or more, whether the transaction is executed in a single operation or in several operations which appear to be linked; |
− | (f) | casinos. |
+ 
+ ### Article 3
+ 
+ For the purposes of this Directive the following definitions shall apply:
+ 
+ (1) ‘credit institution’ means a credit institution, as defined in the first subparagraph of Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (10), including branches withi…
+ 
+ (2) ‘financial institution’ means:
+ 
+ (a) an undertaking other than a credit institution which carries out one or more of the activities listed in points 2 to 12 and 14 of Annex I to Directive 2006/48/EC, including the activities of currency exchange offices (bureaux de change);
+ 
+ (b) an insurance company duly authorised in accordance with Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (11), insofar as it carries out activities covered by that Directive;
+ 
+ (c) an investment firm as defined in point 1 of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (12);
+ (d) a collective investment undertaking marketing its units or shares;
+ 
+ (e) an insurance intermediary as defined in Article 2(5) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (13), with the exception of intermediaries as mentioned in Article 2(7) of that Directive, when they act in respect of life insuran…
+ 
+ (f) branches, when located in the Community, of financial institutions as referred to in points (a) to (e), whose head offices are inside or outside the Community;
+ 
+ (3) ‘property’ means assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments in any form including electronic or digital, evidencing title to or an interest in such assets;
+ 
+ (4) ‘criminal activity’ means any kind of criminal involvement in the commission of a serious crime;
+ 
+ (5) ‘serious crimes’ means, at least:
+ 
+ (a) acts as defined in Articles 1 to 4 of Framework Decision 2002/475/JHA;
+ 
+ (b) any of the offences defined in Article 3(1)(a) of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances;
+ 
+ (c) the activities of criminal organisations as defined in Article 1 of Council Joint Action 98/733/JHA of 21 December 1998 on making it a criminal offence to participate in a criminal organisation in the Member States of the European Union (14);
+ 
+ (d) fraud, at least serious, as defined in Article 1(1) and Article 2 of the Convention on the Protection of the European Communities' Financial Interests (15);
+ 
+ (e) corruption;
+ 
+ (f) all offences which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a minimum…
+ 
+ (6) ‘beneficial owner’ means the natural person(s) who ultimately owns or controls the customer and/or the natural person on whose behalf a transaction or activity is being conducted. The beneficial owner shall at least include:
+ 
+ (a) in the case of corporate entities:
+ 
+ (i) the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a company listed on a regulated market that i…
+ 
+ (ii) the natural person(s) who otherwise exercises control over the management of a legal entity:
− ### art_3
+ (b) in the case of legal entities, such as foundations, and legal arrangements, such as trusts, which administer and distribute funds:
− Article 3
+ (i) where the future beneficiaries have already been determined, the natural person(s) who is the beneficiary of 25 % or more of the property of a legal arrangement or entity;
− For the purposes of this Directive the following definitions shall apply:
+ (ii) where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates;
− | (1) | ‘credit institution’ means a credit institution, as defined in the first subparagraph of Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions (10), including branches w…
− | --- | --- |
+ (iii) the natural person(s) who exercises control over 25 % or more of the property of a legal arrangement or entity;
− | (2) | ‘financial institution’ means:(a)an undertaking other than a credit institution which carries out one or more of the operations included in points 2 to 12 and 14 of Annex I to Directive 2000/12/EC, including the activities of currency exchange offices (bureaux de change) and of money transmi…
− | --- | --- |
− | (a) | an undertaking other than a credit institution which carries out one or more of the operations included in points 2 to 12 and 14 of Annex I to Directive 2000/12/EC, including the activities of currency exchange offices (bureaux de change) and of money transmission or remittance offices; |
− | (b) | an insurance company duly authorised in accordance with Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assurance (11), insofar as it carries out activities covered by that Directive; |
− | (c) | an investment firm as defined in point 1 of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (12); |
− | (d) | a collective investment undertaking marketing its units or shares; |
− | (e) | an insurance intermediary as defined in Article 2(5) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediation (13), with the exception of intermediaries as mentioned in Article 2(7) of that Directive, when they act in respect of life ins…
− | (f) | branches, when located in the Community, of financial institutions as referred to in points (a) to (e), whose head offices are inside or outside the Community; |
+ (7) ‘trust and company service providers’ means any natural or legal person which by way of business provides any of the following services to third parties:
− | (3) | ‘property’ means assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments in any form including electronic or digital, evidencing title to or an interest in such assets; |
− | --- | --- |
+ (a) forming companies or other legal persons;
− | (4) | ‘criminal activity’ means any kind of criminal involvement in the commission of a serious crime; |
− | --- | --- |
+ (b) acting as or arranging for another person to act as a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons;
− | (5) | ‘serious crimes’ means, at least:(a)acts as defined in Articles 1 to 4 of Framework Decision 2002/475/JHA;(b)any of the offences defined in Article 3(1)(a) of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances;(c)the activities of crimina…
− | --- | --- |
− | (a) | acts as defined in Articles 1 to 4 of Framework Decision 2002/475/JHA; |
− | (b) | any of the offences defined in Article 3(1)(a) of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances; |
− | (c) | the activities of criminal organisations as defined in Article 1 of Council Joint Action 98/733/JHA of 21 December 1998 on making it a criminal offence to participate in a criminal organisation in the Member States of the European Union (14); |
− | (d) | fraud, at least serious, as defined in Article 1(1) and Article 2 of the Convention on the Protection of the European Communities' Financial Interests (15); |
− | (e) | corruption; |
− | (f) | all offences which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a min…
+ (c) providing a registered office, business address, correspondence or administrative address and other related services for a company, a partnership or any other legal person or arrangement;
− | (6) | ‘beneficial owner’ means the natural person(s) who ultimately owns or controls the customer and/or the natural person on whose behalf a transaction or activity is being conducted. The beneficial owner shall at least include:(a)in the case of corporate entities:(i)the natural person(s) who ul…
− | --- | --- |
− | (a) | in the case of corporate entities:(i)the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a co…
− | (i) | the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a company listed on a regulated market th…
− | (ii) | the natural person(s) who otherwise exercises control over the management of a legal entity: |
− | (b) | in the case of legal entities, such as foundations, and legal arrangements, such as trusts, which administer and distribute funds:(i)where the future beneficiaries have already been determined, the natural person(s) who is the beneficiary of 25 % or more of the property of a legal arrangemen…
− | (i) | where the future beneficiaries have already been determined, the natural person(s) who is the beneficiary of 25 % or more of the property of a legal arrangement or entity; |
− | (ii) | where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; |
− | (iii) | the natural person(s) who exercises control over 25 % or more of the property of a legal arrangement or entity; |
+ (d) acting as or arranging for another person to act as a trustee of an express trust or a similar legal arrangement;
− | (7) | ‘trust and company service providers’ means any natural or legal person which by way of business provides any of the following services to third parties:(a)forming companies or other legal persons;(b)acting as or arranging for another person to act as a director or secretary of a company, a …
− | --- | --- |
− | (a) | forming companies or other legal persons; |
− | (b) | acting as or arranging for another person to act as a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons; |
− | (c) | providing a registered office, business address, correspondence or administrative address and other related services for a company, a partnership or any other legal person or arrangement; |
− | (d) | acting as or arranging for another person to act as a trustee of an express trust or a similar legal arrangement; |
− | (e) | acting as or arranging for another person to act as a nominee shareholder for another person other than a company listed on a regulated market that is subject to disclosure requirements in conformity with Community legislation or subject to equivalent international standards; |
+ (e) acting as or arranging for another person to act as a nominee shareholder for another person other than a company listed on a regulated market that is subject to disclosure requirements in conformity with Community legislation or subject to equivalent international standards;
− | (8) | ‘politically exposed persons’ means natural persons who are or have been entrusted with prominent public functions and immediate family members, or persons known to be close associates, of such persons; |
− | --- | --- |
+ (8) ‘politically exposed persons’ means natural persons who are or have been entrusted with prominent public functions and immediate family members, or persons known to be close associates, of such persons;
− | (9) | ‘business relationship’ means a business, professional or commercial relationship which is connected with the professional activities of the institutions and persons covered by this Directive and which is expected, at the time when the contact is established, to have an element of duration; …
− | --- | --- |
+ (9) ‘business relationship’ means a business, professional or commercial relationship which is connected with the professional activities of the institutions and persons covered by this Directive and which is expected, at the time when the contact is established, to have an element of duration;
− | (10) | ‘shell bank’ means a credit institution, or an institution engaged in equivalent activities, incorporated in a jurisdiction in which it has no physical presence, involving meaningful mind and management, and which is unaffiliated with a regulated financial group. |
− | --- | --- |
+ (10) ‘shell bank’ means a credit institution, or an institution engaged in equivalent activities, incorporated in a jurisdiction in which it has no physical presence, involving meaningful mind and management, and which is unaffiliated with a regulated financial group.
− ### art_4
+ ### Article 4
− Article 4
+ ### Article 5
− ### art_5
− 
− Article 5
+ ## SECTION 1 / General provisions
− ### art_6
+ ### Article 6
− Article 6
+ ### Article 7
− ### art_7
− 
− Article 7
+ (a) when establishing a business relationship;
− | (a) | when establishing a business relationship; |
− | --- | --- |
+ (b) when carrying out occasional transactions amounting to EUR 15 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;
− | (b) | when carrying out occasional transactions amounting to EUR 15 000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked; |
− | --- | --- |
+ (c) when there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold;
− | (c) | when there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold; |
− | --- | --- |
+ (d) when there are doubts about the veracity or adequacy of previously obtained customer identification data.
− | (d) | when there are doubts about the veracity or adequacy of previously obtained customer identification data. |
− | --- | --- |
+ ### Article 8
− ### art_8
− Article 8
− 
+ (a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source;
− | (a) | identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source; |
− | --- | --- |
+ (b) identifying, where applicable, the beneficial owner and taking risk-based and adequate measures to verify his identity so that the institution or person covered by this Directive is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts and similar legal…
− | (b) | identifying, where applicable, the beneficial owner and taking risk-based and adequate measures to verify his identity so that the institution or person covered by this Directive is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts and similar l…
− | --- | --- |
+ (c) obtaining information on the purpose and intended nature of the business relationship;
− | (c) | obtaining information on the purpose and intended nature of the business relationship; |
− | --- | --- |
+ (d) conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's or person's knowledge of the customer, the business and risk p…
− | (d) | conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's or person's knowledge of the customer, the business and ri…
− | --- | --- |
+ ### Article 9
− ### art_9
− Article 9
− 
+ ### Article 10
− ### art_10
− Article 10
− 
+ ## SECTION 2 / Simplified customer due diligence
− ### art_11
+ ### Article 11
− Article 11
+ (a) listed companies whose securities are admitted to trading on a regulated market within the meaning of Directive 2004/39/EC in one or more Member States and listed companies from third countries which are subject to disclosure requirements consistent with Community legislation;
− | (a) | listed companies whose securities are admitted to trading on a regulated market within the meaning of Directive 2004/39/EC in one or more Member States and listed companies from third countries which are subject to disclosure requirements consistent with Community legislation; |
− | --- | --- |
+ (b) beneficial owners of pooled accounts held by notaries and other independent legal professionals from the Member States, or from third countries provided that they are subject to requirements to combat money laundering or terrorist financing consistent with international standards and are supervi…
− | (b) | beneficial owners of pooled accounts held by notaries and other independent legal professionals from the Member States, or from third countries provided that they are subject to requirements to combat money laundering or terrorist financing consistent with international standards and are sup…
− | --- | --- |
+ (c) domestic public authorities,
− | (c) | domestic public authorities, |
− | --- | --- |
+ (a) life insurance policies where the annual premium is no more than EUR 1 000 or the single premium is no more than EUR 2 500;
− | (a) | life insurance policies where the annual premium is no more than EUR 1 000 or the single premium is no more than EUR 2 500; |
− | --- | --- |
+ (b) insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral;
− | (b) | insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral; |
− | --- | --- |
+ (c) a pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages and the scheme rules do not permit the assignment of a member's interest under the scheme;
− | (c) | a pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages and the scheme rules do not permit the assignment of a member's interest under the scheme; |
− | --- | --- |
+ (d) electronic money, as defined in Article 1(3)(b) of Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (16), where, if the device cannot be recharged, the …
− | (d) | electronic money, as defined in Article 1(3)(b) of Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions (16), where, if the device cannot be recharged, …
− | --- | --- |
+ ### Article 12
− ### art_12
− Article 12
− 
+ ## SECTION 3 / Enhanced customer due diligence
− ### art_13
+ ### Article 13
− Article 13
+ (a) ensuring that the customer's identity is established by additional documents, data or information;
− | (a) | ensuring that the customer's identity is established by additional documents, data or information; |
− | --- | --- |
+ (b) supplementary measures to verify or certify the documents supplied, or requiring confirmatory certification by a credit or financial institution covered by this Directive;
− | (b) | supplementary measures to verify or certify the documents supplied, or requiring confirmatory certification by a credit or financial institution covered by this Directive; |
− | --- | --- |
+ (c) ensuring that the first payment of the operations is carried out through an account opened in the customer's name with a credit institution.
− | (c) | ensuring that the first payment of the operations is carried out through an account opened in the customer's name with a credit institution. |
− | --- | --- |
+ (a) gather sufficient information about a 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;
− | (a) | gather sufficient information about a 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 anti-money laundering and anti-terrorist financing controls;
− | (b) | assess the respondent institution's anti-money laundering and anti-terrorist financing controls; |
− | --- | --- |
+ (c) obtain approval from senior management before establishing new correspondent banking relationships;
− | (c) | obtain approval from senior management before establishing new correspondent banking relationships; |
− | --- | --- |
+ (d) document the respective responsibilities of each institution;
− | (d) | document the respective responsibilities of each institution; |
− | --- | --- |
+ (e) with respect to payable-through accounts, be satisfied that the respondent credit institution has verified the identity of and performed ongoing due diligence on the customers having direct access to accounts of the correspondent and that it is able to provide relevant customer due diligence dat…
− | (e) | with respect to payable-through accounts, be satisfied that the respondent credit institution has verified the identity of and performed ongoing due diligence on the customers having direct access to accounts of the correspondent and that it is able to provide relevant customer due diligence…
− | --- | --- |
+ (a) have appropriate risk-based procedures to determine whether the customer is a politically exposed person;
− | (a) | have appropriate risk-based procedures to determine whether the customer is a politically exposed person; |
− | --- | --- |
+ (b) have senior management approval for establishing business relationships with such customers;
− | (b) | have senior management approval for establishing business relationships with such customers; |
− | --- | --- |
+ (c) take adequate measures to establish the source of wealth and source of funds that are involved in the business relationship or transaction;
− | (c) | take adequate measures to establish the source of wealth and source of funds that are involved in the business relationship or transaction; |
− | --- | --- |
+ (d) conduct enhanced ongoing monitoring of the business relationship.
− | (d) | conduct enhanced ongoing monitoring of the business relationship. |
− | --- | --- |
+ ## SECTION 4 / Performance by third parties
− ### art_14
+ ### Article 14
− Article 14
+ ### Article 15
− ### art_15
+ 1. Where a Member State permits credit and financial institutions referred to in Article 2(1)(1) or (2) situated in its territory to be relied on as a third party domestically, that Member State shall in any case permit institutions and persons referred to in Article 2(1) situated in its territory t…
− Article 15
+ 2. Where a Member State permits currency exchange offices referred to in Article 3(2)(a) and payment institutions as defined in Article 4(4) of Directive 2007/64/EC, which mainly provide the payment service listed in point 6 of the Annex to that Directive, situated in its territory to be relied on a…
− 1. Where a Member State permits credit and financial institutions referred to in Article 2(1)(1) or (2) situated in its territory to be relied on as a third party domestically, that Member State shall in any case permit institutions and persons referred to in Article 2(1) situated in its territory t…
− 
− 2. Where a Member State permits currency exchange offices and money transmission or remittance offices referred to in Article 3(2)(a) situated in its territory to be relied on as a third party domestically, that Member State shall in any case permit them to recognise and accept, in accordance with A…
+ ### Article 16
− ### art_16
− 
− Article 16
+ (a) they are subject to mandatory professional registration, recognised by law;
− | (a) | they are subject to mandatory professional registration, recognised by law; |
− | --- | --- |
+ (b) they apply customer due diligence requirements and record keeping requirements as laid down or equivalent to those laid down in this Directive and their compliance with the requirements of this Directive is supervised in accordance with Section 2 of Chapter V, or they are situated in a third cou…
− | (b) | they apply customer due diligence requirements and record keeping requirements as laid down or equivalent to those laid down in this Directive and their compliance with the requirements of this Directive is supervised in accordance with Section 2 of Chapter V, or they are situated in a third…
− | --- | --- |
+ ### Article 17
− ### art_17
− Article 17
− 
+ ### Article 18
− ### art_18
− 
− Article 18
+ ### Article 19
− ### art_19
− 
− Article 19
+ ## SECTION 1 / General provisions
− ### art_20
+ ### Article 20
− Article 20
+ ### Article 21
− ### art_21
− 
− Article 21
+ ### Article 22
− ### art_22
− Article 22
− 
+ (a) by promptly informing the FIU, on their own initiative, where the institution or person covered by this Directive knows, suspects or has reasonable grounds to suspect that money laundering or terrorist financing is being or has been committed or attempted;
− | (a) | by promptly informing the FIU, on their own initiative, where the institution or person covered by this Directive knows, suspects or has reasonable grounds to suspect that money laundering or terrorist financing is being or has been committed or attempted; |
− | --- | --- |
+ (b) by promptly furnishing the FIU, at its request, with all necessary information, in accordance with the procedures established by the applicable legislation.
− | (b) | by promptly furnishing the FIU, at its request, with all necessary information, in accordance with the procedures established by the applicable legislation. |
− | --- | --- |
+ ### Article 23
− ### art_23
− 
− Article 23
+ ### Article 24
− ### art_24
− 
− Article 24
+ ### Article 25
− ### art_25
− 
− Article 25
+ ### Article 26
− ### art_26
− 
− Article 26
+ ### Article 27
− ### art_27
− Article 27
− 
+ ## SECTION 2 / Prohibition of disclosure
− ### art_28
+ ### Article 28
− Article 28
+ 3. The prohibition laid down in paragraph 1 shall not prevent disclosure between institutions from Member States, or from third countries provided that they meet the conditions laid down in Article 11(1), belonging to the same group as defined by Article 2(12) of Directive 2002/87/EC of the European…
− 3. The prohibition laid down in paragraph 1 shall not prevent disclosure between institutions from Member States, or from third countries provided that they meet the conditions laid down in Article 11(1), belonging to the same group as defined by Article 2(12) of Directive 2002/87/EC of the European…
+ ### Article 29
− ### art_29
− 
− Article 29
+ ## CHAPTER IV / RECORD KEEPING AND STATISTICAL DATA
− ### art_30
+ ### Article 30
− Article 30
+ (a) in the case of the customer due diligence, a copy or the references of the evidence required, for a period of at least five years after the business relationship with their customer has ended;
− | (a) | in the case of the customer due diligence, a copy or the references of the evidence required, for a period of at least five years after the business relationship with their customer has ended; |
− | --- | --- |
+ (b) in the case of business relationships and transactions, the supporting evidence and records, consisting of the original documents or copies admissible in court proceedings under the applicable national legislation for a period of at least five years following the carrying-out of the transactions…
− | (b) | in the case of business relationships and transactions, the supporting evidence and records, consisting of the original documents or copies admissible in court proceedings under the applicable national legislation for a period of at least five years following the carrying-out of the transact…
− | --- | --- |
+ ### Article 31
− ### art_31
− Article 31
− 
+ ### Article 32
− ### art_32
− Article 32
− 
+ ### Article 33
− ### art_33
− Article 33
− 
+ ## SECTION 1 / Internal procedures, training and feedback
− ### art_34
+ ### Article 34
− Article 34
+ ### Article 35
− ### art_35
− 
− Article 35
+ ## SECTION 2 / Supervision
− ### art_36
+ ### Article 36
− Article 36
+ 1. Member States shall provide that currency exchange offices and trust and company service providers shall be licensed or registered and casinos be licensed in order to operate their business legally. ►M1 —————** ◄ **
− 1. Member States shall provide that currency exchange offices and trust and company service providers shall be licensed or registered and casinos be licensed in order to operate their business legally. Without prejudice to future Community legislation, Member States shall provide that money transmis…
+ ### Article 37
− ### art_37
− 
− Article 37
+ ## SECTION 3 / Cooperation
− ### art_38
+ ### Article 38
− Article 38
+ ## SECTION 4 / Penalties
− ### art_39
+ ### Article 39
− Article 39
+ (a) a power of representation of the legal person;
− | (a) | a power of representation of the legal person; |
− | --- | --- |
+ (b) an authority to take decisions on behalf of the legal person, or
− | (b) | an authority to take decisions on behalf of the legal person, or |
− | --- | --- |
+ (c) an authority to exercise control within the legal person.
− | (c) | an authority to exercise control within the legal person. |
− | --- | --- |
+ ## CHAPTER VI / IMPLEMENTING MEASURES
− ### art_40
+ ### Article 40
− Article 40
+ (a) clarification of the technical aspects of the definitions in Article 3(2)(a) and (d), (6), (7), (8), (9) and (10);
− | (a) | clarification of the technical aspects of the definitions in Article 3(2)(a) and (d), (6), (7), (8), (9) and (10); |
− | --- | --- |
+ (b) establishment of technical criteria for assessing whether situations represent a low risk of money laundering or terrorist financing as referred to in Article 11(2) and (5);
− | (b) | establishment of technical criteria for assessing whether situations represent a low risk of money laundering or terrorist financing as referred to in Article 11(2) and (5); |
− | --- | --- |
+ (c) establishment of technical criteria for assessing whether situations represent a high risk of money laundering or terrorist financing as referred to in Article 13;
− | (c) | establishment of technical criteria for assessing whether situations represent a high risk of money laundering or terrorist financing as referred to in Article 13; |
− | --- | --- |
+ (d) establishment of technical criteria for assessing whether, in accordance with Article 2(2), it is justified not to apply this Directive to certain legal or natural persons carrying out a financial activity on an occasional or very limited basis.
− | (d) | establishment of technical criteria for assessing whether, in accordance with Article 2(2), it is justified not to apply this Directive to certain legal or natural persons carrying out a financial activity on an occasional or very limited basis. |
− | --- | --- |
+ ### Article 41
− ### art_41
− 
− Article 41
+ ## CHAPTER VII / FINAL PROVISIONS
− ### art_42
+ ### Article 42
− Article 42
+ ### Article 43
− ### art_43
− 
− Article 43
+ ### Article 44
− ### art_44
− 
− Article 44
+ ### Article 45
− ### art_45
− Article 45
− 
+ ### Article 46
+ 
+ This Directive shall enter into force on the 20th day after its publication in the *Official Journal of the European Union*.
+ 
+ ### Article 47
+ 
+ This Directive is addressed to the Member States.
+ 
+ ### ANNEX
+ 
+ 
+ 
+ ### CORRELATION TABLE
+ 
+ | This Directive | Directive 91/308/EEC |
+ | --- | --- |
+ | Article 1(1) | Article 2 |
+ | Article 1(2) | Article 1(C) |
+ | Article 1(2)(a) | Article 1(C) first point |
+ | Article 1(2)(b) | Article 1(C) second point |
+ | Article 1(2)(c) | Article 1(C) third point |
+ | Article 1(2)(d) | Article 1(C) fourth point |
+ | Article 1(3) | Article 1(C), third paragraph |
+ | Article 1(4) |  |
+ | Article 1(5) | Article 1(C), second paragraph |
+ | Article 2(1)(1) | Article 2a(1) |
+ | Article 2(1)(2) | Article 2a(2) |
+ | Article 2(1)(3)(a), (b) and (d) to (f) | Article 2a(3) to (7) |
+ | Article 2(1)(3)(c) |  |
+ | Article 2(2) |  |
+ | Article 3(1) | Article 1(A) |
+ | Article 3(2)(a) | Article 1(B)(1) |
+ | Article 3(2)(b) | Article 1(B)(2) |
+ | Article 3(2)(c) | Article 1(B)(3) |
+ | Article 3(2)(d) | Article 1(B)(4) |
+ | Article 3(2)(e) |  |
+ | Article 3(2)(f) | Article 1(B), second paragraph |
+ | Article 3(3) | Article 1(D) |
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