2021/0241(COD) | [ParlTrack]

Proposal for a regulation
Recital 17

(17) ~~This Regulation should also apply without prejudice to~~Processing of personal data under this Regulation should take place in full compliance with Regulation (EU) 2016/679 of the European Parliament and of the Council46 . Further processing of personal data for commercial purposes should be strictly prohibited. The fight against money laundering and terrorist financing is recognised as an important public interest ground by all Member States. In applying this Regulation, the transfer of personal data to a third country must be carried out in accordance with Chapter V of Regulation (EU) 2016/679 . It is important that payment service providers and crypto-asset service providers operating in multiple jurisdictions with branches or subsidiaries located outside the Union should not be prevented from transferring data about suspicious transactions within the same organisation, provided that they apply adequate safeguards. In addition, the crypto-asset service providers of the originator and the beneficiary, the payment service providers of the payer and of the payee and the intermediary payment service providers should have in place appropriate technical and organisational measures to protect personal data against accidental loss, alteration, or unauthorised disclosure or access. __________________ 46 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).

Amendment 101 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ondřej KOVAŘÍK, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Recital 18 a (new)

(18a) Providers of ancillary infrastructure such as internet services providers, providers of cloud computing services or hosting services should not be subject to this Regulation.

Amendment 102 #

Proposal for a regulation
Recital 19

(19) Transfers of funds corresponding to services referred to in points (a) to (m) and (o) of Article 3 of Directive (EU) 2015/236647 do not fall within the scope of this Regulation. It is also appropriate to exclude from the scope of this Regulation transfers of funds that represent a low risk of money laundering or terrorist financing. Such exclusions should cover payment cards, electronic money instruments, mobile phones or other digital or information technology (IT) prepaid or postpaid devices with similar characteristics, where they are used exclusively for the purchase of consumer goods orand services only and the number of the card, instrument or device accompanies all transfers. However, the use of a payment card, an electronic money instrument, a mobile phone, or any other digital or IT prepaid or postpaid device with similar characteristics in order to effect a person- to-person transfer of funds, falls within the scope of this Regulation. In addition, Automated Teller Machine withdrawals, payments of taxes, fines or other levies, transfers of funds carried out through cheque images exchanges, including truncated cheques, or bills of exchange, and transfers of funds where both the payer and the payee are payment service providers acting on their own behalf should be excluded from the scope of this Regulation. __________________ 47 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).

Amendment 103 #

Proposal for a regulation
Recital 20

(20) In order to reflect the special characteristics of national payment and the specificities of crypto-asset transfer systems, and provided that it is always possible to trace the transfer of funds back to the payer or, through the immutability and traceability inherent to blockchain technology, the transfer of crypto-assets back to the beneficiary , Member States should be able to exempt from the scope of this Regulation certain domestic low-value transfers of funds, including electronic giro payments, or low-value transfers of crypto- assets, used for the purchase of goods or services.

Amendment 104 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ondřej KOVAŘÍK, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Recital 20

(20) In order to reflect the special characteristics of national payment ~~and crypto-asset transfer~~ systems, and provided that it is always possible to trace the transfer of funds back to the payer ~~or the transfer of crypto-assets back to the beneficiary~~ , Member States should be able to exempt from the scope of this Regulation certain domestic low-value transfers of funds, including electronic giro payments~~, or low-value transfers of crypto-assets,~~ used for the purchase of goods or services.

Amendment 105 #

Proposal for a regulation
Recital 20

(20) In order to reflect the special characteristics of national payment and crypto-asset transfer systems, and provided that it is always possible to trace the transfer of funds back to the payer or the transfer of crypto-assets back to the beneficiary , Member States should be able to exempt from the scope of this Regulation certain domestic low-value transfers of funds, including electronic giro payments, or low-value transfers of crypto- assets, used for the purchase of consumer goods or services only.

Amendment 106 #

Ondřej KOVAŘÍK, Olivier CHASTEL, Dragoş PÎSLARU, Gilles BOYER, Lucia ĎURIŠ NICHOLSONOVÁ, Luis GARICANO, Caroline NAGTEGAAL, Fabienne KELLER, Dragoş TUDORACHE, Michal ŠIMEČKA

Proposal for a regulation
Recital 20

(20) In order to reflect the special characteristics of national payment and crypto-asset transfer systems, and provided that it is always possible to trace the transfer of funds back to the payer or the transfer of crypto-assets back to the ~~beneficiary~~ originator, Member States should be able to exempt from the scope of this Regulation certain domestic low-value transfers of funds, including electronic giro payments, or low-value transfers of crypto- assets, used for the purchase of goods or services.

Amendment 107 #

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems and crypto-asset transfer services , and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds or crypto-assets , the obligation to check whether information on the payer or the payee , or, for transfers of crypto-assets, the originator and the beneficiary, is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds or crypto-assets that exceed EUR 1000, unless the transfer appears to be linked to other transfers of funds or transfers of crypto-assets which together would exceed EUR 1000, the funds or crypto-assets have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing. This exemption for transfers not exceeding EUR 1000, calculated as incremental value over a set period of time and based on the moment the transfer is ordered, applicable for transfers of funds and transfers of crypto- assets, in line with FATF standards, should guarantee a systematic coherence of the Union framework on payment services.

Amendment 108 #

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems ~~and crypto-asset transfer services ,~~ and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds ~~or crypto-assets~~ , the obligation to check whether information on the payer or the payee ~~, or, for transfers of crypto-assets, the originator and the beneficiary,~~ is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds ~~or crypto-assets~~ that exceed EUR 1000, unless the transfer appears to be linked to other transfers of funds ~~or transfers of crypto-assets~~ which together would exceed EUR 1000, the funds ~~or crypto-assets~~ have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing.

Amendment 109 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems and crypto-asset transfer services , and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds or crypto-assets , the obligation to check whether information on the payer or the payee , or, for transfers of crypto-assets, the originator and the beneficiary, is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds or crypto-assets that exceed EUR 1000, unless the transfer appears to be linked to other transfers of funds or transfers of crypto-assets which together would exceed EUR 1000, the funds or crypto-assets have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing. Member States that do not have the Euro as their currency should transpose the EUR 1000 threshold to the equivalent of their local currency;

Amendment 110 #

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems and crypto-asset transfer services , and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds or crypto-assets , the obligation to check whether information on the payer or the payee , or, for transfers of crypto-assets, the originator and the beneficiary, is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed ~~only~~ in respect of all individual transfers of funds or crypto-assets ~~that exceed EUR 1000, un~~regardless of the ~~transfer appears to be linked to other transfers of funds or transfers~~amount, in any currency, ofr crypto-assets, which together would exceed EUR 1000, the funds or crypto-assets have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financingare sent or received by a payment service provider, a crypto-asset service provider, or an intermediary payment service provider established in the Union.

Amendment 111 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems and crypto-asset transfer services , and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds or crypto-assets , the obligation to check whether information on the payer or the payee , or, for transfers of crypto-assets, the originator and the beneficiary, is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds or crypto-assets that exceed EUR 13000, unless the transfer appears to be linked to other transfers of funds or transfers of crypto-assets which together would exceed EUR 13000, the funds or crypto-assets have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing.

Amendment 112 #

Proposal for a regulation
Recital 22

(22) In order not to impair the efficiency of payment systems and crypto-asset transfer services , and in order to balance the risk of driving transactions underground as a result of overly strict identification requirements against the potential terrorist threat posed by small transfers of funds or crypto-assets , the obligation to check whether information on the payer or the payee , or, for transfers of crypto-assets, the originator and the beneficiary, is accurate should, in the case of transfers of funds where verification has not yet taken place, be imposed only in respect of individual transfers of funds or crypto-assets that exceed EUR 15000, unless the transfer appears to be linked to other transfers of funds or transfers of crypto-assets which together would exceed EUR 15000, the funds or crypto-assets have been received or paid out in cash or in anonymous electronic money, or where there are reasonable grounds for suspecting money laundering or terrorist financing.

Amendment 113 #

Proposal for a regulation
Recital 22 a (new)

(22a) Due to the combination of the cross-border nature, global reach and transaction speed of crypto-asset transfers such an exception is not warranted for crypto-asset transfers. In order to fight the specific risks posed by crypto assets such as the financing of terrorist groups through very small transfers of crypto- assets or money laundering, the obligation to verify the accuracy of the information on the originator or beneficiary should be imposed on all transfers of crypto-assets, whatever the amount of the transaction.

Amendment 114 #

Proposal for a regulation
Recital 22 a (new)

(22a) Technological solutions that offer a sufficient level of protection against money laundering and terrorist financing should be considered as an equivalent alternative to conventional Know-Your- Customer (KYC) obligations. Thus, crypto-asset service providers that offer such technological solutions in the sense of blockchain analytical tools should be exempted from KYC obligations. The decision whether a technological solution offers a sufficient level of protection against money laundering should be taken by the competent authorities.

Amendment 115 #

Proposal for a regulation
Recital 23

(23) For transfers of funds or for transfers of crypto-assets where verification is deemed to have taken place, payment service providers and crypto-asset service providers should not be required to verify information on the payer or the payee accompanying each transfer of funds, or on the originator and the beneficiary accompanying each transfer of crypto-assets, provided that the obligations laid down in [please insert reference – proposal for a directive on the mechanisms to be put in place by the Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849] and Regulation [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849] are metDirective (EU) 2015/849 are met. Considering the risk of having outdated legislation in the field of anti- money laundering and counter the financing of terrorism, it is essential to guarantee that this Regulation is systematically coherent with the future legislative framework.

Amendment 116 #

Proposal for a regulation
Recital 25 a (new)

(25a) Crypto-assets exist in a borderless virtual reality and can be transferred to any crypto-asset service provider in any jurisdiction, or even without a jurisdictional registration. Many non- Union jurisdictions have in place rules relating to data protection and enforcement that are of a different nature than those laid down in the Union. When transferring crypto-assets on behalf of a customer to a crypto-asset service provider that is not registered in the Union, the crypto-asset service provider of the originator should, in addition to the customer due diligence measures laid down in Article 13 of Directive (EU) 2015/849, through best endeavour, assess the ability of the crypto-asset service provider of the beneficiary to receive and retain the information required under this Regulation and to protect the confidentiality of the originator's personal data. Where that information cannot be transmitted with the transfer, a record of the information on the originator and the beneficiary should nevertheless be retained and made available to competent authorities upon request.

Amendment 117 #

Proposal for a regulation
Recital 25 a (new)

(25a) Crypto-assets exist in a borderless virtual reality and can be transferred to any crypto-asset service provider in any jurisdiction, or even without a jurisdictional registration. Many non Union jurisdictions have in place rules relating to data protection and enforcement that are of a different nature than those laid down in the Union. When transferring crypto-assets on behalf of a customer to a crypto-asset service provider that is not registered in the Union, the crypto-asset service provider of the originator should, in addition to the customer due diligence measures laid down in Article 13 of Directive (EU) 2015/849, and on a best effort basis, assess the ability of the crypto asset service provider of the beneficiary to receive and retain the information required under this Regulation and to protect the confidentiality of the originator's personal data. Where that information cannot be transmitted with the transfer, a record of the information on the originator and the beneficiary should nevertheless be retained and made available to competent authorities upon request.

Amendment 118 #

Proposal for a regulation
Recital 27

(27) Regarding transfers of crypto- assets, the requirements of this Regulation should apply to crypto-asset service providers whenever their transactions, whether in ~~fiat~~official currency or a crypto- asset, involve a traditional wire transfer or a transfer of crypto-assets involving a crypto-asset service provider.

Amendment 119 #

Proposal for a regulation
Recital 27 a (new)

(27a) In the case of a transfer of crypto- assets from or to a distributed ledger address not linked to a crypto-asset service provider, known as an 'unhosted wallet', the crypto-asset service provider or other obliged entity should obtain and retain the required originator and beneficiary information from their customer, whether originator or beneficiary, or, wherever possible and appropriate, from the agent behind the unhosted wallet. The crypto-asset service provider should verify the accuracy of the information with respect to its own customer. In addition, in case of a transfer from or to an unhosted wallet, crypto-asset service providers should also verify the accuracy of information with respect to the external originator or beneficiary behind the unhosted wallet. An exception regarding the obtainment, verification or retention of information with respect to the external agents behind unhosted wallets cannot be provided, as such exception would favour these distributed ledger addresses that are not linked to an obliged entity, undermining the possibilities to detect and report suspicious transactions. However, in order to provide for a period of adjustment, the provisions regarding the obligation to verify information with respect to the agents behind unhosted wallets should come into effect three years after this Regulation enters into force.

Amendment 120 #

Proposal for a regulation
Recital 27 b (new)

(27b) The European Banking Authority in cooperation with the European Securities and Markets Authority should provide guidelines for crypto-asset service providers on the obtainment, verification and retention of the required originator or beneficiary information with respect to unhosted wallets taking into account and supporting the development of technological solutions.

Amendment 121 #

Proposal for a regulation
Recital 28

(28) Due to the cross-border nature ~~and the risks associated with~~of crypto-asset activities and crypto-asset service providers operations, all transfers of crypto-assets should be treated as cross- border wire transfers, with no simplified domestic wire transfers regime.

Amendment 122 #

Ondřej KOVAŘÍK, Olivier CHASTEL, Dragoş PÎSLARU, Gilles BOYER, Lucia ĎURIŠ NICHOLSONOVÁ, Luis GARICANO, Caroline NAGTEGAAL, Fabienne KELLER, Dragoş TUDORACHE, Michal ŠIMEČKA, Ramona STRUGARIU

Proposal for a regulation
Recital 29

(29) The crypto-asset service provider of the originator should ensure that transfers of crypto-assets are accompanied by the name of the originator, the originator’s account number, where such an account exists and is used to process the transaction, and the originator’s address, official personal document number, customer identification number or date and place of birth. The crypto-asset service provider of the originator should also ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, where such an account exists and is used to process the transaction. The crypto-asset service provider of the originator could be allowed to refrain from transmitting such information when adequate safeguards for ensuring respect of data protection, of the principle of the rule of law and of fundamental rights cannot be ensured.

Amendment 123 #

Proposal for a regulation
Recital 29

(29) The crypto-asset service provider of the originator should ensure that transfers of crypto-assets are accompanied by the name of the originator, the originator’s account number, where such an account exists and is used to process the transaction, and the originator’s address, nationality, official personal document number, customer identification number or date and place of birth. The crypto-asset service provider of the originator should also ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, where such an account exists and is used to process the transaction.

Amendment 124 #

Paul TANG

Proposal for a regulation
Recital 29 a (new)

(29a) In cases of a transfer of crypto- assets made from a distributed ledger address not linked to a crypto-asset service provider, known as an 'unhosted wallet', the crypto-asset service provider of the beneficiary should have to obtain information from the beneficiary both on the originator and the beneficiary. The crypto-asset service provider should verify the accuracy of the information of both the originator and beneficiary and should also ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, along with the originator’s name and account number. Before making the crypto-assets available to the beneficiary, the crypto-asset service provider should verify directly with the originator the accuracy of the information provided by the beneficiary. The crypto-asset service provider should retain this information and notify the competent authority of any one of its customers having received EUR 1000 or more from unhosted wallets.

Amendment 125 #

Proposal for a regulation
Recital 29 a (new)

(29a) In cases of a transfer of crypto- assets made from or to a distributed ledger address not linked to a crypto-asset service provider, the crypto-asset service providers should obtain information both on the originator and the beneficiary. However, the crypto-asset service provider should verify the accuracy of the informations of their customers and should also ensure that transfers of crypto-assets are accompanied by the name of the beneficiary and the beneficiary’s account number, along with the originator’s name and account number. If the crypto-asset service provider is or becomes aware that the information regarding the originator or beneficiary is inaccurate, they should report it to the Financial Intelligence Unit (FIU), in accordance with Directive (EU) 2015/849, even if they are not linked to a crypto-asset service provider.

Amendment 126 #

Proposal for a regulation
Recital 33

(33) As regards transfers of crypto- assets, the crypto-asset service provider of the beneficiary should implement effective procedures to detect whether the information on the originator or the beneficiary is missing or incomplete. These procedures should include, where appropriate, monitoring after or during the transfers, in order to detect whether the required information on the originator or the beneficiary is missing. It should not be required that the information is attached directly to the transfer of crypto-assets itself, as long as it is submitted immediately and securely, and available upon request to appropriate authorities.

Amendment 127 #

Martin SCHIRDEWAN

Proposal for a regulation
Recital 34

(34) Given the potential threat of money laundering and terrorist financing presented by anonymous transfers, it is appropriate to require payment service providers to request information on the payer and the payee. In line with the risk- based approach developed by FATF, it is appropriate to identify areas of higher and lower risk, with a view to better targeting the risk of money laundering and terrorist financing. Accordingly, the crypto-asset service provider of the beneficiary, the payment service provider of the payee and the intermediary payment service provider should have effective risk-based procedures that apply where a transfer of funds lacks the required information on the payer or the payee, or where a transfer of crypto-assets lacks the required information on the originator or the beneficiary, in order to allow them to decide whether to execute, reject or suspend that transfer and to determine the appropriate follow-up action to take. In order to detect the use of anonymising services such as mixers or tumblers, crypto-asset service providers should develop and apply monitoring and tracing procedures.

Amendment 128 #

Proposal for a regulation
Recital 34

(34) Given the potential threat of money laundering and terrorist financing presented by anonymous transfers, it is appropriate to require payment service providers to request information on the payer and the payee. In line with the risk- based approach developed by FATF, it is appropriate to identify areas of higher and lower risk, with a view to better targeting the risk of money laundering and terrorist financing. Accordingly, the crypto-asset service provider of the beneficiary, the payment service provider of the payee and the intermediary payment service provider should have effective risk-based procedures that apply where a transfer of funds lacks the required information on the payer or the payee, or where a transfer of crypto-assets lacks the required information on the originator or the beneficiary, in order to allow them to decide whether to ~~execute, reject or suspend that transfer~~remove the received crypto-assets from the customer's disposal or delay that transfer while further action is requested, and to determine the appropriate follow-up action to take.

Amendment 129 #

Proposal for a regulation
Recital 35

(35) The payment service provider of the payee, the intermediary payment service provider and the crypto-asset service provider of the beneficiary should exercise special vigilance, assessing the risks, when either becomes aware that information on the payer or the payee , or the originator or the beneficiary is missing or incomplete, and should report suspicious transactions to the competent authorities in accordance with the reporting obligations set out in ~~Regulation (EU) [...]~~ Directive (EU) 2015/849.

Amendment 130 #

Proposal for a regulation
Recital 36 a (new)

(36a) This Regulation does not mandate for the use of a particular technology when crypto-asset service providers transfer transaction information. To ensure the efficient implementation of requirements applicable to crypto-asset service providers under this Regulation, standard setting initiatives involving or led by the crypto-asset industry will be critical. Those protocols should be interoperable through the use of international or Union-wide standards in order to allow for a swift exchange of information.

Amendment 131 #

Proposal for a regulation
Recital 37 a (new)

(37a) Given the high risk of money laundering and terrorist financing posed by crypto-asset service providers that do not adhere to the EU's legal standards, crypto-asset service providers and any other obliged entity should refrain from interacting with such non-compliant crypto-asset service providers. In particular, crypto-asset service providers should not interact with other CASPs that are located in a country included on the EU's AML/CFT list of high risk third countries or on Annex I or Annex II to the EU's list of non-cooperative jurisdictions for tax purposes, that lack sufficient customer identification and verification process, that offer services associated with a high risk of money laundering, that provide services despite not being registered under [Regulation on Markets in crypto-assets] on that have proven links to illegal activities. Given that unhosted wallets do not fulfil any of the above criteria, Crypto-asset service providers should be prohibited from facilitating transfers of crypto-assets to such unhosted wallets. Crypto-asset service providers facilitating transfers to non-compliant crypto asset service providers or to unhosted wallets should be subject to administrative sanctions.

Amendment 132 #

Ondřej KOVAŘÍK, Olivier CHASTEL, Dragoş PÎSLARU, Gilles BOYER, Lucia ĎURIŠ NICHOLSONOVÁ, Luis GARICANO, Caroline NAGTEGAAL, Fabienne KELLER, Dragoş TUDORACHE, Michal ŠIMEČKA

Proposal for a regulation
Recital 37 a (new)

(37a) In view of the current lack of common standards and infrastructures necessary to comply with the obligations set out in this Regulation, and in order to ensure a level playing field between crypto-asset service providers operating in this eco-system, especially SMEs and start-ups, competent authorities could grant crypto-asset service providers an additional transitional period to comply with this Regulation, where duly justified by the lack of technological capability and the scale of operations of the obliged entity.

Amendment 133 #

Proposal for a regulation
Recital 39

(39) The number of working days in the Member State of the payment service provider of the payer or crypto-asset service provider of the ~~beneficiary~~originator determines the number of days to respond to requests for information on the payer or the originator .

Amendment 134 #

Ondřej KOVAŘÍK, Bart GROOTHUIS, Caroline NAGTEGAAL, Olivier CHASTEL, Dragoş PÎSLARU, Gilles BOYER, Lucia ĎURIŠ NICHOLSONOVÁ, Luis GARICANO, Fabienne KELLER, Dragoş TUDORACHE, Michal ŠIMEČKA, Ramona STRUGARIU

Proposal for a regulation
Recital 39 a (new)

(39a) The use of mixing and tumbling services should only be allowed in circumstances where it can be shown that the use of such services is necessary to overcome legitimate concerns, such as for privacy reasons. The receiver of crypto- assets that have been used in mixing and tumbling services should demonstrate, where necessary, the legitimacy of the practice for which the crypto-asset is used. Where the legitimacy of its use cannot be proven, the transaction should be prohibited.

Amendment 135 #

Proposal for a regulation
Recital 40

(40) As it may not be possible in criminal investigations to identify the data required or the individuals involved in a transaction until many months, or even years, after the original transfer of funds or transfer of crypto-assets , and in order to be able to have access to essential evidence in the context of investigations, it is appropriate to require payment service providers or crypto-asset service providers to keep records of information on the payer and the payee or the originator and the beneficiary for a period of time for the purposes of preventing, detecting and investigating money laundering and terrorist financing. That period should be limited to five years, after which all personal data should be deleted unless national law provides otherwise. If necessary for the purposes of preventing, detecting or investigating money laundering or terrorist financing, after carrying out an assessment of the necessity and proportionality of the measure, Member States should be able to allow or require retention of records for a further period of no more than five years, without prejudice to national criminal law on evidence applicable to ongoing criminal investigations and legal proceedings.

Amendment 136 #

Proposal for a regulation
Recital 40

Amendment 137 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Recital 41

(41) In order to improve compliance with this Regulation, and in accordance with the Commission Communication of 9 December 2010 entitled ‘Reinforcing sanctioning regimes in the financial services sector’, the power to adopt supervisory measures and the sanctioning powers of competent authorities should be enhanced. Member States should ensure that competent authorities have appropriate resources to effectively fulfil their tasks. Administrative sanctions and measures should be provided for and, given the importance of the fight against money laundering and terrorist financing, Member States should lay down sanctions and measures that are effective, proportionate and dissuasive. Member States should notify the Commission and the Joint Committee of EBA, EIOPA and ESMA (the ‘ESAs’) thereof.

Amendment 138 #

Proposal for a regulation
Recital 41 a (new)

(41a) In order to ensure that competent authorities are able to efficiently investigate suspicious transactions and detect illicit use of crypto-assets and transfers of funds, the supervisory authorities should consider greater use of both regulatory and supervisory technology in their investigative processes.

Amendment 139 #

Proposal for a regulation
Recital 42 a (new)

(42a) In order to rapidly address concerns about illicit transfers of funds and particularly crypto-assets, it is important that this Regulation enters into force as soon as possible. For that reason, any references to future regulations should not hinder the Union from taking action against the illicit transfer of funds and crypto-assets in the immediate term. This Regulation should be adapted to align with future legislation on Anti- Money Laundering and the Regulation on Markets in Crypto-Assets;

Amendment 140 #

Proposal for a regulation
Recital 45 a (new)

(45a) Crypto-asset service providers should be exempted from the requirement to ensure that transfers of crypto-assets are accompanied by detailed information on both the originator and beneficiary of the transfers if they can demonstrate that they have implemented technical measures which pursue the same objectives of the Regulation and provide an equivalent level of prevention against money laundering and terrorist financing. For a technical measure to be considered as achieving an equivalent level of prevention against money laundering and terrorist financing, competent authorities should consider the extent to which they are capable of identifying and tracing illicit activities and identifying suspicious accounts.

Amendment 141 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 1 – paragraph 1

This Regulation lays down rules on the information on payers and payees, accompanying transfers of funds, in any currency, and the information on originators and beneficiaries, accompanying transfers of crypto-assets, for the purposes of preventing, detecting and investigating money laundering ~~and~~, terrorist financing and avoidance of EU sanction, where at least one of the payment or crypto-asset service providers involved in the transfer of funds or crypto- assets is established in the Union.

Amendment 142 #

Proposal for a regulation
Article 2 – paragraph 1

1. This Regulation shall apply to transfers of funds, in any currency, or crypto-assets covered under the scope of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937-COM/2020/593 final], as well as those crypto-assets which would fall under existing financial legislation as outlined in Article 2 paragraph 2 of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final], which are sent or received by a payment service provider , a crypto-asset service provider, or an intermediary payment service provider established in the Union.

Amendment 143 #

Aurore LALUCQ

Proposal for a regulation
Article 2 – paragraph 1

1. This Regulation shall apply to transfers of funds, in any currency, or crypto-assets, which are sent or received by a payment service provider , a crypto-asset service provider, or an intermediary payment service provider established in the Union. It shall also apply to transfers of crypto-assets as defined in Article 3(10) of this Regulation where the crypto-asset service provider of the originator or the beneficiary is established in the Union.

Amendment 144 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 2 – paragraph 1

1. This Regulation shall apply to transfers of funds regardless of the amount, in any currency, or crypto-assets, which are sent or received by a payment service provider , a crypto-asset service provider, or an intermediary payment service provider established in the Union.

Amendment 145 #

Proposal for a regulation
Article 2 – paragraph 2

2. This Regulation shall not apply to the services listed in ~~points (a) to (m) and (o) of~~ Article 3 of Directive (EU) 2015/2366.

Amendment 146 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ondřej KOVAŘÍK, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 2 – paragraph 2 a (new)

2a. This Regulation shall also apply to transfers of crypto-assets executed by means of kiosks connected to a distributed ledger network known as crypto-asset automated teller machines (“crypto- ATMs”).

Amendment 147 #

Nathalie COLIN-OESTERLÉ

Proposal for a regulation
Article 2 – paragraph 2 a (new)

2a. This Regulation shall not apply to the European Central Bank and the national central banks of the Member States when acting in their capacity as a monetary authority or other public authority.

Amendment 148 #

Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 1 – point a

(a) that card, instrument or device is used exclusively to pay for consumer goods orand services only; and

Amendment 149 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ondřej KOVAŘÍK, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 2

This regulation shall not apply either to transfers involving crypto-assets carried out by actors regulated under Directive 2015/2366 using payment card or an electronic money instrument or any other digital or IT prepaid or postpaid device with similar characteristics where the conditions referred to in points (a) and (b) are met. However, this Regulation shall apply when a payment card, an electronic money instrument or a mobile phone, or any other digital or IT prepaid or postpaid device with similar characteristics, is used in order to effect a person-to-person transfer of funds or crypto-assets .

Amendment 150 #

Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 2

However, this Regulation shall apply for any transfer effectuated with a crypto- asset debit card, including to pay for goods or services, and when a payment card, an electronic money instrument or a mobile phone, or any other digital or IT prepaid or postpaid device with similar characteristics, is used in order to effect a person-to-person transfer of funds or crypto-assets .

Amendment 151 #

Proposal for a regulation
Article 2 – paragraph 3 – subparagraph 2

However, this Regulation shall apply when a payment card, an electronic money instrument or a mobile phone, or any other digital or IT prepaid or postpaid device with similar characteristics, is used in order to effect a person-to-person transfer of funds ~~or crypto-assets~~ .

Amendment 152 #

Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 2 – point b

(b) they constitute transfers of funds ~~or crypto-assets~~ to a public authority as payment for taxes, fines or other levies within a Member State;

Amendment 153 #

Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 4

This Regulation shall not apply to person- to-person transfer of crypto-assets where it is determined that these transactions are carried out by natural persons who are identifiable.

Amendment 154 #

Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 4

This Regulation shall not apply to person- to-person transfer of crypto-assets as defined in Article 3(14).

Amendment 155 #

Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 4

This Regulation shall not apply to person- to-person transfer of crypto-assets as defined in Article 3(14) of this regulation.

Amendment 156 #

Proposal for a regulation
Article 2 – paragraph 4 – subparagraph 4 a (new)

The scope of this Regulation does not extend to crypto-assets, that are not admitted to trading on a trading platform for crypto-assets.

Amendment 157 #

Proposal for a regulation
Article 2 – paragraph 4 a (new)

4a. This Regulation shall not apply to the providers of ancillary infrastructure needed for the transfer of crypto-assets.

Amendment 158 #

Proposal for a regulation
Article 2 – paragraph 5 – introductory part

5. A Member State may decide not to apply this Regulation to transfers of funds ~~or transfers of crypto-assets~~ within its territory to a payee's payment account ~~or a beneficiary’s account~~ permitting payment exclusively for the provision of goods or services where all of the following conditions are met:

Amendment 159 #

Proposal for a regulation
Article 2 – paragraph 5 – introductory part

5. A Member State may decide not to apply this Regulation to transfers of funds ~~or transfers of crypto-assets~~ within its territory to a payee's payment account or a beneficiary’s account permitting payment exclusively for the provision of goods or services where all of the following conditions are met:

Amendment 160 #

Proposal for a regulation
Article 2 – paragraph 5 – point a

(a) the payment service provider or the crypto-asset service provider of the payee or the beneficiary is subject to ~~[please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~ Directive (EU) 2015/849];

Amendment 161 #

Proposal for a regulation
Article 2 – paragraph 5 – point a

(a) the payment service provider o~~r the crypto-asset service provider of the payee or the beneficiary~~f the payee is subject to [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849];

Amendment 162 #

Proposal for a regulation
Article 2 – paragraph 5 – point a

Amendment 163 #

Proposal for a regulation
Article 2 – paragraph 5 – point b

(b) the payment service provider of the payee ~~or the crypto-asset service provider of the beneficiary~~ is able to trace back, through the payee, by means of a unique transaction identifier, the transfer of funds ~~or, for transfers of crypto-assets, through the beneficiary, by means allowing to identify individually the transfers of crypto-assets on the distributed ledger,~~ from the person who has an agreement with the payee ~~or the beneficiary~~ for the provision of goods or services;

Amendment 164 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 2 – paragraph 5 – point b

Amendment 165 #

Aurore LALUCQ

Proposal for a regulation
Article 2 – paragraph 5 – point c

~~(c) the amount of the transfer of funds or crypto-assets does not exceed EUR 1000.~~deleted

Amendment 166 #

Proposal for a regulation
Article 2 – paragraph 5 – point c

~~(c) the amount of the transfer of funds or crypto-assets does not exceed EUR 1000.~~deleted

Amendment 167 #

Proposal for a regulation
Article 2 – paragraph 5 – point c

Amendment 168 #

Proposal for a regulation
Article 2 – paragraph 5 – point c

Amendment 169 #

Proposal for a regulation
Article 2 – paragraph 5 – point c

Amendment 170 #

Proposal for a regulation
Article 2 – paragraph 5 – point c

Amendment 171 #

Proposal for a regulation
Article 2 – paragraph 5 a (new)

5a. While the transfer of funds from wallets hosted by centralised exchanges to wallets hosted by centralised exchanges is under full responsibility of the centralised crypto-asset service provider, the transfer of funds from unhosted wallets to wallets hosted by centralised exchanges, and vice versa, shall imply a limited liability of the receiving wallet.

Amendment 172 #

Proposal for a regulation
Article 3 – paragraph 1 – point 1

(1) ‘terrorist financing’ means terrorist financing as defined in Article ~~2(2~~1(5) of ~~[please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~ Directive (EU) 2015/849];

Amendment 173 #

Proposal for a regulation
Article 3 – paragraph 1 – point 2

(2) ‘money laundering’ means the money laundering activities referred to in Article ~~2(1) of [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~1(3) and (4) of Directive (EU) 2015/849];

Amendment 174 #

Proposal for a regulation
Article 3 – paragraph 1 – point 10

(10) ‘transfer of crypto-assets’ means any transaction conducted on behalf of a natural or legal person, at least partially carried out by electronic means ~~on behalf of an originator~~, through a crypto-asset service provider, with a view to making crypto- assets available to a beneficiary through a crypto-asset service provider that moves the crypto-assets from one crypto-asset address or account to another, irrespective of whether the originator and the beneficiary are the same natural or legal person and irrespective of whether the crypto-asset service provider of the originator and that of the beneficiary are one and the same.

Amendment 175 #

Proposal for a regulation
Article 3 – paragraph 1 – point 10

(10) ‘transfer of crypto-assets’ means any transaction at least partially carried out by electronic means on behalf of an originator through a crypto-asset service provider, with a view to making crypto- assets available to a beneficiary through a crypto-asset service providerwith the aim of moving crypto-assets from one distributed ledger address or crypto-asset account to another, carried out or received by at least one crypto-asset service provider acting on behalf of either an originator or a beneficiary, irrespective of whether the originator and the beneficiary are the same person and irrespective of whether the crypto-asset service provider of the originator and that of the beneficiary are one and the same.

Amendment 176 #

Ondřej KOVAŘÍK, Olivier CHASTEL, Dragoş PÎSLARU, Gilles BOYER, Lucia ĎURIŠ NICHOLSONOVÁ, Luis GARICANO, Caroline NAGTEGAAL, Fabienne KELLER, Dragoş TUDORACHE

Proposal for a regulation
Article 3 – paragraph 1 – point 10

(10) ‘transfer of crypto-assets’ means any transaction at least partially carried out by electronic means on behalf of an originator through a crypto-asset service provider, with a view to making crypto- assets available to a beneficiary through a crypto-asset service providerwith the aim to moving crypto-assets from one distributed ledger address or crypto-asset account to another, carried out or received by at least one crypto-asset service provider acting on behalf of either an originator or a beneficiary, irrespective of whether the originator and the beneficiary are the same person and irrespective of whether the crypto-asset service provider of the originator and that of the beneficiary are one and the same.

Amendment 177 #

Proposal for a regulation
Article 3 – paragraph 1 – point 13

(13) ‘person-to-person transfer of funds’ means a transaction between identifiable natural persons acting, as consumers~~, for purposes other than trade, business or profession~~;

Amendment 178 #

Proposal for a regulation
Article 3 – paragraph 1 – point 14

(14) ‘person-to-person transfer of crypto-assets’ means a transaction between identifiable natural persons acting, as consumers, ~~for purposes other than trade, business or profession,~~ without the use or involvement of a crypto-asset service provider or other obliged entity;

Amendment 179 #

Proposal for a regulation
Article 3 – paragraph 1 – point 15

(15) ‘crypto-asset’ means a crypto-asset as defined in Article 3(1), point 2 of Regulation [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937-COM/2020/593 final] except when falling under the categories listed in Article 2(2) of that Regulation or otherwise qualifying as fundsdigital representation of a value or a right for direct investment or finance purposes that uses cryptography for security and is in the form of a coin or a token or any other digital medium of distributed ledgers, and which may be transferred and stored electronically, using distributed ledger technology or similar technology.

Amendment 180 #

Proposal for a regulation
Article 3 – paragraph 1 – point 16

(16) ‘crypto-asset service provider ’ means a crypto-asset service provider as defined in Article 3(1), point (8) of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final] where performing one or more crypto-asset services as defined in Article 3(1) point (9) of [please insert reference – proposal for a Regulation on Markets in Crypto-assets, and amending Directive (EU) 2019/1937- COM/2020/593 final]ny person whose occupation or business is the provision of one or more crypto-asset services to third parties on a professional basis;

Amendment 181 #

Proposal for a regulation
Article 3 – paragraph 1 – point 16 a (new)

(16a) ‘intermediary crypto-asset service provider’ means a crypto-asset service provider or other obliged entity that is not the crypto-asset service provider of the originator or of the beneficiary and that receives and transmits a transfer of crypto-assets on behalf of the crypto-asset service provider of the originator or of the beneficiary or of another intermediary crypto-asset service provider;

Amendment 182 #

Proposal for a regulation
Article 3 – paragraph 1 – point 17 a (new)

(17a) ‘unhosted wallet‘ means a distributed ledger address that is not linked to a crypto-asset services provider;

Amendment 183 #

Aurore LALUCQ

Proposal for a regulation
Article 4 – paragraph 1 – point c

(c) the payer's address, including the name of the country, official personal document number, customer identification number or date and place of birth;

Amendment 184 #

Proposal for a regulation
Article 4 – paragraph 1 – point d

(d) subject to the existence of the necessary field in the relevant payments message format, and where provided by the payer to the payer’s Payment service provider, the current Legal Entity Identifier of the payer or, in its absence, any official equivalent identifier available.

Amendment 185 #

Proposal for a regulation
Article 4 – paragraph 2 – point d

(d) subject to the existence of the necessary field in the relevant payments message format, and where provided by the payer to the payer’s Payment service provider, the current Legal Entity Identifier of the payee or, in its absence, any official equivalent identifier available.

Amendment 186 #

Proposal for a regulation
Article 4 – paragraph 5 – point a

(a) a payer's identity has been verified in accordance with Articles 16, 37 and 18(3) of [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing3 of Directive (EU) 2015/849] and the information obtained pursuant to that verification has been stored in accordance with Article 5640 of that ~~Regulation~~Directive; or

Amendment 187 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 4 – paragraph 5 – point b

(b) Article ~~21(2) and (3) of [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~14(5) of Directive (EU) 2015/849] applies to the payer.

Amendment 188 #

Proposal for a regulation
Article 5 – paragraph 2 – point a

(a) for all transfers of funds ~~exceeding EUR 1000~~regardless of the amount, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, the information on the payer or the payee in accordance with Article 4;

Amendment 189 #

Proposal for a regulation
Article 5 – paragraph 2 – point a

(a) for transfers of funds exceeding EUR 1000, calculated based on the moment the transfer is ordered, in line with the FATF standards, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, the information on the payer or the payee in accordance with Article 4;

Amendment 190 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 5 – paragraph 2 – point a

(a) for transfers of funds exceeding EUR 13000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, the information on the payer or the payee in accordance with Article 4;

Amendment 191 #

Proposal for a regulation
Article 5 – paragraph 2 – point a

(a) for transfers of funds exceeding EUR 15000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, the information on the payer or the payee in accordance with Article 4;

Amendment 192 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 5 – paragraph 2 – point b

(b) for transfers of funds not exceeding EUR 1000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, at least: (i) the names of the payer and of the payee; and (ii) the payer and of the payee or, where Article 4(3) applies, the unique transaction identifier.deleted the payment account numbers of

Amendment 193 #

Proposal for a regulation
Article 5 – paragraph 2 – point b – introductory part

(b) for transfers of funds not exceeding EUR 1000, in line with the FATF standards, that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, at least:

Amendment 194 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 5 – paragraph 2 – point b – introductory part

(b) for transfers of funds not exceeding EUR 13000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 13000, at least:

Amendment 195 #

Proposal for a regulation
Article 5 – paragraph 2 – point b – introductory part

(b) for transfers of funds not exceeding EUR 15000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 15000, at least:

Amendment 196 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 5 – paragraph 3

3. By way of derogation from Article 4(4), in the case of transfers of funds referred to in paragraph 2, point (b), of this Article, the payment service provider of the payer need not verify the information on the payer unless the payment service provider of the payer: (a) has received the funds to be transferred in cash or in anonymous electronic money; or (b) has reasonable grounds for suspecting money laundering or terrorist financing.deleted

Amendment 197 #

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 4(1), and, where applicable, without prejudice to the information required in accordance with Regulation (EU) No 260/2012, where the payment service provider of the payee is established outside the Union, ~~transfers of funds not exceeding EUR 1000~~and, in the case of transfers of crypto-assets, in line with Financial Action Task Force (FATF) standards, transfers of funds not exceeding EUR 1000, calculated based on when the transfer of crypto-assets was sent, and that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, shall be accompanied by at least:

Amendment 198 #

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 4(1), and, where applicable, without prejudice to the information required in accordance with Regulation (EU) No 260/2012, where the payment service provider of the payee is established outside the Union, in line with FATF standards, transfers of funds not exceeding EUR 1000, calculated based on the moment the transfer is ordered, and that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, shall be accompanied by at least:

Amendment 199 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 4(1), and, where applicable, without prejudice to the information required in accordance with Regulation (EU) No 260/2012, where the payment service provider of the payee is established outside the Union, and where crypto-assets are subject to a transfer, in alignment with FATF standards, transfers of funds not exceeding EUR 13000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 13000, shall be accompanied by at least:

Amendment 200 #

Proposal for a regulation
Article 6 – paragraph 2 – subparagraph 1 – introductory part

Amendment 201 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 7 – paragraph 3

3. ~~In the case of~~For all transfers of funds ~~exceeding EUR 1000,~~, regardless of the amount, and whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, before crediting the payee's payment account or making the funds available to the payee, the payment service provider of the payee shall verify the accuracy of the information on the payee referred to in paragraph 2 of this Article on the basis of documents, data or information obtained from a reliable and independent source, without prejudice to the requirements laid down in Articles 83 and 84 of Directive (EU) 2015/2366 .

Amendment 202 #

Gilles BOYER, Fabienne KELLER, Stéphanie YON-COURTIN, Olivier CHASTEL, Ramona STRUGARIU, Michal ŠIMEČKA

Proposal for a regulation
Article 7 – paragraph 3

3. In the case of transfers of funds exceeding EUR 13000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, before crediting the payee's payment account or making the funds available to the payee, the payment service provider of the payee shall verify the accuracy of the information on the payee referred to in paragraph 2 of this Article on the basis of documents, data or information obtained from a reliable and independent source, without prejudice to the requirements laid down in Articles 83 and 84 of Directive (EU) 2015/2366 .

Amendment 203 #

Proposal for a regulation
Article 7 – paragraph 4

4. In the case of transfers of funds not exceeding EUR 1000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1000, the payment service provider of the payee need not verify the accuracy of the information on the payee, unless the payment service provider of the payee: (a) cash or in anonymous electronic money; or (b) suspecting money laundering or terrorist financing.deleted effects the pay-out of the funds in has reasonable grounds for

Amendment 204 #

Proposal for a regulation
Article 7 – paragraph 4 – introductory part

4. In the case of transfers of funds not exceeding EUR 13000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 13000, the payment service provider of the payee need not verify the accuracy of the information on the payee, unless the payment service provider of the payee:

Amendment 205 #

Proposal for a regulation
Article 7 – paragraph 5 – point a

(a) a payee's identity has been verified in accordance with Articles 1~~6, 37 and 18(3) of [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~3 of Directive (EU) 2015/849] and the information obtained pursuant to that verification has been stored in accordance with Article 5640 of that ~~Regulation~~Directive; or

Amendment 206 #

Proposal for a regulation
Article 7 – paragraph 5 – point b

Amendment 207 #

Proposal for a regulation
Article 8 – paragraph 1 – subparagraph 1

The payment service provider of the payee shall implement effective risk-based procedures, including procedures based on the risk-sensitive basis referred to in Article 1~~6 of [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~3 of Directive (EU) 2015/849], for determining whether to execute, reject or suspend a transfer of funds lacking the required complete payer and payee information and for taking the appropriate follow-up action.

Amendment 208 #

Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 2

The payment service provider of the payee shall report that failure, and the steps taken, at the shortest possible term, to the competent authority responsible for monitoring compliance with anti-money laundering and counter terrorist financing provisions.

Amendment 209 #

Proposal for a regulation
Article 9 – paragraph 1

The payment service provider of the payee shall take into account missing or incomplete information on the payer or the payee as a factor when assessing whether a transfer of funds, or any related transaction, is suspicious and whether it is to be reported to the Financial Intelligence Unit (FIU) in accordance with ~~[please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~ Directive (EU) 2015/849].

Amendment 210 #

Proposal for a regulation
Article 12 – paragraph 1 – subparagraph 2

Where the intermediary payment service provider becomes aware, when receiving transfers of funds, that the information referred to in Article 4(1), points (a), (b) and (c), Article 4, points (2)(a) and (b), Article 5(1) or Article 6 is missing or has not been filled in using characters or inputs admissible in accordance with the conventions of the messaging or payment and settlement system as referred to in Article 7(1) it shall immediately reject the transfer or ask for the required information on the payer and the payee, to be provided at the shortest possible term, before or after the transmission of the transfer of funds, on a risk-sensitive basis.

Amendment 211 #

Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 1

Where a payment service provider repeatedly fails to provide the required information on the payer or the payee, the intermediary payment service provider shall take steps, which may initially include the issuing of warnings and setting of deadlines, before either rejecting any future transfers of funds from that payment service provider, or restricting or terminating its business relationship with that payment service provider, duly justifying such decision on a communication to the payment service provider.

Amendment 212 #

Proposal for a regulation
Article 12 – paragraph 2 – subparagraph 2

The intermediary payment service provider shall report that failure, and the steps taken, at the shortest possible term, to the competent authority responsible for monitoring compliance with anti-money laundering and counter terrorist financing provisions.

Amendment 213 #

Proposal for a regulation
Article 13 – paragraph 1

The intermediary payment service provider shall take into account missing information on the payer or the payee as a factor when assessing whether a transfer of funds, or any related transaction, is suspicious, and whether it is to be reported to the FIU in accordance with ~~[please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing~~ Directive (EU) 2015/849].

Amendment 214 #

Proposal for a regulation
Article 14 – paragraph 1 – introductory part

1. The crypto-asset service provider or other obliged entity of the originator shall ensure that transfers of crypto-assets are accompanied by the following information on the originator:

Amendment 215 #

Proposal for a regulation
Article 14 – paragraph 1 – point b

~~(b) the account number of the originator, where an account is used to process the transaction;~~deleted

Amendment 216 #

Proposal for a regulation
Article 14 – paragraph 1 – point b

(b) the ~~account number of the originator, where an account is used to process the transaction~~originator’s distributed ledger address or addresses, where a transfer of crypto-assets is registered on a network using distributed ledger technology or similar technology and, where available, the originator’s crypto-asset account number;

Amendment 217 #

Proposal for a regulation
Article 14 – paragraph 1 – point b

(b) the originator’s wallet address, where available, and the crypto-asset account number of the originator, where an account is used to process the transaction;

Amendment 218 #

Proposal for a regulation
Article 14 – paragraph 1 – point b a (new)

(ba) the originator’s distributed ledger address or addresses, where a transfer of crypto-assets is registered on a network using distributed ledger technology or similar technology and, where available, the originator’s crypto-asset account number;

Amendment 219 #

Proposal for a regulation
Article 14 – paragraph 1 – point b a (new)

(ba) the originator’s crypto-asset account number, where a transfer of crypto-assets is not registered on a network using distributed ledger technology or similar technology

Amendment 220 #

Proposal for a regulation
Article 14 – paragraph 1 – point b b (new)

(bb) the originator’s crypto-asset account number, where a transfer of crypto-assets is not registered on a network using distributed ledger technology or similar technology;

Amendment 221 #

Proposal for a regulation
Article 14 – paragraph 1 – point c

(c) the originator’s address, including the name of the country, official personal document number, customer identification number or date and place of birth.

Amendment 222 #

Proposal for a regulation
Article 14 – paragraph 1 – point c

(c) the originator’s address, nationality, official personal document number, customer identification number or date and place of birth.

Amendment 223 #

Proposal for a regulation
Article 14 – paragraph 1 – point c a (new)

(ca) subject to the existence of the necessary field in the relevant message format, and where provided by the originator to the originator’s crypto-asset service provider, the current LEI of the originator.

Amendment 224 #

Proposal for a regulation
Article 14 – paragraph 1 – point c a (new)

(ca) where available, the originator's legal entity identifier;

Amendment 225 #

Proposal for a regulation
Article 14 – paragraph 2 – introductory part

2. The crypto-asset service provider or other obliged entity of the originator shall ensure that transfers of crypto-assets are accompanied by the following information on the beneficiary:

Amendment 226 #

Proposal for a regulation
Article 14 – paragraph 2 – point b

(b) the beneficiary’s ~~account number, where such an account exists and is used to process the transaction.~~distributed ledger address or addresses, where a transfer of crypto-assets is registered on a network using distributed ledger technology or similar technology and, where available, the beneficiary’s crypto-asset account number;

Amendment 227 #

Proposal for a regulation
Article 14 – paragraph 2 – point b

(b) the beneficiary~~’s account number~~'s wallet address, where available, and the crypto-asset account number of the beneficiary, where such an account exists and is used to process the transaction.

Amendment 228 #

Proposal for a regulation
Article 14 – paragraph 2 – point b a (new)

(ba) the beneficiary’s crypto-asset account number, where a transfer of crypto-assets is not registered on a network using distributed ledger technology or similar technology;

Amendment 229 #

Proposal for a regulation
Article 14 – paragraph 2 – point b b (new)

(bb) where available, the beneficiary's legal entity identifier;

Amendment 230 #

Proposal for a regulation
Article 14 – paragraph 3

3. By way of derogation from paragraph 1, point (b), and paragraph 2, point (b), ~~in the case of a transfer not made from or to an account,~~ the crypto- asset service provider of the originator shall ensure that the transfer of crypto- assets can be individually identified, namely using innovative technological solutions, and record the originator and beneficiary address identifiers on the distributed ledger. To this end, innovative technological solutions shall be considered as an equivalent alternative for conventional KYC obligations.

Amendment 231 #

Proposal for a regulation
Article 14 – paragraph 3

3. By way of derogation from paragraph 1, point (b), and paragraph 2, point (b), in the case of a transfer not made from or to an account, the crypto-asset service provider of the originator shall ensure that the transfer of crypto-assets can be individually identified and record the originator and beneficiary address identifiers on the distributed ledger. For this purpose, the application of innovative technological solutions shall be considered to facilitate this process.

Amendment 232 #

Proposal for a regulation
Article 14 – paragraph 3

3. By way of derogation from paragraph 1, point (b), and paragraph 2, point (b), in the case of a transfer not made from or to an account, the crypto-asset service provider of the originator shall ensure that the transfer of crypto-assets can be individually identified and record the originator and beneficiary address identifiers on the distributed ledger. The application of innovative technological solutions shall be considered to facilitate such operations.

Amendment 233 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 14 – paragraph 3

Amendment 234 #

Proposal for a regulation
Article 14 – paragraph 3 a (new)

3a. By way of derogation from paragraph 1 and paragraph 2, the crypto- asset service provider shall be exempted from the requirement to provide the information listed in this Article for transfers of crypto-assets if it can demonstrate that it has implemented technical measures having an equivalent object or effect as requirement in this Article, allowing the provider to achieve the objectives of this Regulation and effectively prevent money laundering and terrorist financing.

Amendment 235 #

Proposal for a regulation
Article 14 – paragraph 4

4. The information referred to in paragraphs 1 and 2 ~~does not have to be attached directly to, or be included in, the transfer of crypto-assets.~~ shall be submitted in a secure manner and previously, simultaneously or concurrently with the transfer of crypto-assets provided that either of the following applies: (a) the crypto-asset service provider of the beneficiary is a regulated entity established within the Union; (b) the crypto-asset service provider of the beneficiary is established in a third country and is able to receive and retain the information required under this Regulation and applies adequate safeguards for ensuring data protection within the meaning of Chapter V of Regulation (EU) 2016/679. 4a. However, where the crypto-asset service provider of the originator knows, suspects or has reasonable grounds to suspect that the crypto-asset service provider of the beneficiary does not apply adequate safeguards for ensuring data protection, the crypto-asset service provider of the originator shall proceed with the execution of the transfer without transmitting the information referred to in paragraph 1 and 2. 4b. Where the crypto-asset service provider of the originator knows or has reasonable grounds to believe that the crypto-asset service provider of the beneficiary, wherever established, is owned, managed or in anyway controlled by or accessible to a government entity, within the meaning of Article 2(b) of Regulation (EU, Euratom) 2020/2092, where clear risks of serious breaches of the principle of the rule of law or serious fundamental rights violations have been identified, the crypto-asset service provider of the originator shall proceed with the execution of the transfer without transmitting the information referred to in paragraph 1 and 2. 4c. Such information shall however be retained by the crypto-asset service provider of the originator. The service provider of the originator shall inform competent authorities of the execution of the transfer without delay and make the information available to them upon request. 4d. The information referred to in paragraph 1, points (a) and (c), and paragraph 2, point (a), shall not be attached directly to, or included in, the transfer of crypto-assets.

Amendment 236 #

Proposal for a regulation
Article 14 – paragraph 4

4. The information referred to in paragraphs 1 and 2 ~~does not have to~~shall accompany a transfer of funds in a way that allows for the full application of Regulation 2016/679, as appropriate, including rules on rectification of data or deletion of data once retention periods have expired. Where the crypto-asset service provider of the beneficiary is a regulated entity established within the Union, or where the crypto-asset service provider of the beneficiary is established in a third country that is subject to an adequacy decision in accordance with Article 45 of Regulation 2016/679, the information referred to in paragraphs 1 and 2 shall be transferred in a secure manner and immediately with the transfer of crypto- assets. In all other cases, the crypto-asset service provider of the originator shall proceed with the execution of the transfer without transmitting the information referred to in paragraph 1 and 2. Such information shall however be retained and made available to competent authorities upon request. The information referred to in paragraph 1, points (a) and (c), and paragraph 2, point (a), shall not be attached directly to, or be included in, the transfer of crypto- assets.

Amendment 237 #

Proposal for a regulation
Article 14 – paragraph 4

4. The information referred to in paragraphs 1 and 2 does not have to be attached directly to, or be included in, the transfer of crypto-assets as long as it is submitted previously, simultaneously or concurrently with the transfer itself and in a secure manner.

Amendment 238 #

Proposal for a regulation
Article 14 – paragraph 4 a (new)

4a. Crypto-asset service providers shall establish and maintain alternative procedures consistent with the objectives of this Regulation, including the possibility of not sending personally identifiable information. Those procedures shall be subject to appropriate review by competent authorities. EBA shall issue guidelines in accordance with Article 30 to specify the criteria for assessing whether the provider of the originator is able to protect personally identifiable information and the conditions for establishing alternative procedures to ensure the traceability of transfers, where the submission of information to the provider of the beneficiary shall be avoided.

Amendment 239 #

Proposal for a regulation
Article 14 – paragraph 4 a (new)

4a. In the case of a transfer of crypto- assets to an unhosted wallet, the crypto- asset service provider of the originator or other obliged entity shall obtain and retain the information referred to in paragraphs 1 and 2 from its customer or, if possible, in case of the information referred to in paragraph 2, from the beneficiary behind the unhosted wallet and make such information available to competent authorities upon request.

Amendment 240 #

Proposal for a regulation
Article 14 – paragraph 4 a (new)

4a. In the case of a transfer of crypto- assets made to a distributed ledger address not linked to a crypto-asset service provider, the crypto-asset service provider of the originator shall obtain and hold information from paragraph 1 and 2 and ensure that the transfer of crypto-assets can be individually identified.

Amendment 241 #

Proposal for a regulation
Article 14 – paragraph 5

5. Before transferring crypto-assets, the crypto-asset service provider of the originator shall verify the accuracy of the information referred to in paragraph 1 on the basis of documents, data or information obtained from a reliable and independent source. To this end, the competent authorities shall establish, maintain and update a central database of crypto-asset wallet addresses labelled as suspicious or linked to criminal activity. This database shall be used as a reliable source for the use of technological solutions in the sense of blockchain analytical tools.

Amendment 242 #

Proposal for a regulation
Article 14 – paragraph 5 a (new)

5a. In case of a transfer of crypto- assets to an unhosted wallet, the crypto- asset service provider of the originator or other obliged entity shall, in addition to the provisions laid out in paragraph 5, verify the accuracy of the information referred to in paragraph 2 on the basis of documents, data or information obtained from a reliable and independent source, before transferring crypto-assets.

Amendment 243 #

Proposal for a regulation
Article 14 – paragraph 6 – point a

(a) the identity of the originator has been verified in accordance with Article 16, 18(3) and 37 of Regulation [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing3 of Directive (EU) 2015/849~~] [~~ and the information obtained pursuant to that verification has been stored in accordance with Article 5640 of Regulation [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing Directive (EU) 2015/849]that Directive or

Amendment 244 #

Proposal for a regulation
Article 14 – paragraph 6 – point a

Amendment 245 #

Proposal for a regulation
Article 14 – paragraph 6 – point b

(b) Article 21(2) and (3) of Regulation [please insert reference – proposal for a regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and repealing14(5) of Directive (EU) 2015/849] applies to the originator.

Amendment 246 #

Proposal for a regulation
Article 14 – paragraph 6 – point b

Amendment 247 #

Proposal for a regulation
Article 14 – paragraph 6 a (new)

6a. Verification as referred to in paragraph 5a shall be deemed to have taken place where: (a) the identity of the crypto-assets transfer beneficiary has been verified, as for a customer relationship, in accordance with Article 13 of Directive(EU) 2015/849 and the information obtained pursuant to that verification has been stored in accordance with Article 40 of that Directive; (b) Article 14(5) of Directive (EU) 2015/849 applies to the crypto-assets transfer beneficiary.

Amendment 248 #

Proposal for a regulation
Article 14 – paragraph 6 a (new)

6a. Before transferring crypto-assets, the crypto-asset service provider or other obliged entity of the originator shall review the information referred to in paragraph 2 to verify that the beneficiary of the transfer is not an individual, entity or group subject to restrictive measures.

Amendment 249 #

Proposal for a regulation
Article 14 – paragraph 6 b (new)

6 b. The provisions laid out in paragraph 5a and 6a shall come into effect three years after this Regulation has entered into force. The European Banking Authority in cooperation with the European Securities and Markets Authority shall provide guidelines for crypto-asset service providers on the obtainment, verification and retention of information referred to in paragraph 4a, 5a and 6a for the case of a transfer of crypto-assets to an unhosted wallet.

Amendment 250 #

Proposal for a regulation
Article 14 – paragraph 6 b (new)

6 b. Crypto-asset service providers and other obliged entities may rely on other crypto-asset service providers and other obliged entities, whether situated in a Member State or in a third country, to review the information on the beneficiary of a transfer to ensure compliance with any restrictive measures, provided that the applicable conditions laid down in Section IV of Directive (EU) 2015/849 are respected.

Amendment 251 #

Proposal for a regulation
Article 14 – paragraph 7 a (new)

7a. While the transfer of funds from wallets hosted by centralised exchanges to wallets hosted by centralised exchanges is under full responsibility of the centralised crypto asset service provider, the transfer of funds from un-hosted wallets to wallets hosted by centralised exchanges, and vice versa, shall imply a limited liability of the receiving wallet.

Amendment 252 #

Proposal for a regulation
Article 14 – paragraph 7 a (new)

7a. In contrast to transfers of funds between wallets hosted by centralised exchanges, where full responsibility of the centralised crypto asset service provider is in place, un-hosted wallet transfers sent to wallet hosted by centralised exchanges, and vice versa, shall impose limited liability on the receiving wallet.

Amendment 253 #

Proposal for a regulation
Article 15 – paragraph 1

1. In the case of a batch file transfer from a single originator, Article 14(1) shall not apply to the individual transfers bundled together therein, provided that the batch file contains the information referred to in Article 14(1), (2) and (3), that that information has been verified in accordance with Article 14(5), (5a), (6), (6a) and (6b), and that the individual transfers ~~carry the payment account number~~are accompanied by the wallet address, where available and the crypto- asset account number, where an account is used to process the transaction, of the originator or, where Article 14(3) applies the individual identification of the transfer.

Amendment 254 #

Proposal for a regulation
Article 15 – paragraph 2

2. By way of derogation from Article 14(1), transfers of crypto-assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto- assets which, together with the transfer in question, exceed EUR 1 000, shall be accompanied by at least the following information: (a) the beneficiary; (b) originator and of the beneficiary or, where Article 14(3) applies, the insurance that the crypto-asset transaction can be individually identified; By way of derogation from Article 14(5), the crypto-assets service provider of the originator shall only verify the information on the originator referred to in this paragraph, first subparagraph, points (a) and (b), in the following cases: (a) of the originator has receiveddeleted the names of the originator and of the account number of the the crypto-assets service provider the crypto- assets ~~to be transferred in exchange of cash or anonymous electronic money; (b) of the originator has reasonable grounds for suspecting money laundering or terrorist financing.~~service provider

Amendment 255 #

Proposal for a regulation
Article 15 – paragraph 2

2. By way of derogation from Article 14(1), transfers of crypto-assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto- assets which, together with the transfer in question, exceed EUR 1 000, shall be accompanied by at least the following information: (a) the names of the originator and of the beneficiary; (b) originator and of the beneficiary or, where Article 14(3) applies, the insurance that the crypto-asset transaction can be individually identified; By way of derogation from Article 14(5), the crypto-assets service provider of the originator shall only verify the information on the originator referred to in this paragraph, first subparagraph, points (a) and (b), in the following cases: (a) of the originator has receiveddeleted the account number of the the crypto-assets service provider the crypto- assets ~~to be transferred in exchange of cash or anonymous electronic money; (b) of the originator has reasonable grounds for suspecting money laundering or terrorist financing.~~service provider

Amendment 256 #

Proposal for a regulation
Article 15 – paragraph 2

Amendment 257 #

Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 14(1), and in line with FATF standards, transfers of crypto-assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto-assets which, together with the transfer in question, exceed EUR 1 000, shall be accompanied by ~~at least~~ the following information:

Amendment 258 #

Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 14(1), and in line with Financial Action Task Force (FATF) standards transfers of crypto-assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto-assets which, together with the transfer in question, exceed EUR 1 000, shall be accompanied by at least the following information:

Amendment 259 #

Andżelika Anna MOŻDŻANOWSKA, Michiel HOOGEVEEN, Roberts ZĪLE, Bogdan RZOŃCA, Dorien ROOKMAKER

Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 14(1), and in alignment with FATF standards, transfers of crypto-assets not exceeding EUR 13 000 that do not appear to be linked to other transfers of crypto-assets which, together with the transfer in question, exceed EUR 13 000, shall be accompanied by at least the following information:

Amendment 260 #

Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – introductory part

By way of derogation from Article 14(1), transfers of crypto-assets not exceeding EUR 15 000 that do not appear to be linked to other transfers of crypto-assets which, together with the transfer in question, exceed EUR 15 000, shall be accompanied by at least the following information:

Amendment 261 #

Proposal for a regulation
Article 15 – paragraph 2 – subparagraph 1 – point b

(b) the account number of the originator and of the beneficiary or, where Article 14(3) applies, the insurance that the crypto-asset transaction can be individually identified, namely using innovative technological solutions;

Amendment 262 #

Proposal for a regulation
Article 16 – paragraph 1

1. The crypto-asset service provider of the beneficiary shall implement effective procedures, including, where appropriate, monitoring after or during the transfers, in order to detect whether the information referred to in Article 14(1) and (2), on the originator or the beneficiary is ~~included in, or follows,~~submitted with the transfer of crypto-assets or batch file transfer.

Amendment 263 #

Proposal for a regulation
Article 16 – paragraph 1 a (new)

1a. In the case of a transfer of crypto- assets from an unhosted wallet, the crypto-asset service provider or other obliged entity of the beneficiary shall obtain and retain the information referred to in Article 14 paragraphs (1) and (2) from its customer or, if possible, in case of the information referred to in Article 14 paragraph (1), from the originator behind the unhosted wallet and make such information available to competent authorities upon request.

Amendment 264 #

Proposal for a regulation
Article 16 – paragraph 1 a (new)

1a. In the case of a transfer of crypto- assets from an unhosted wallet, the crypto-asset service provider of the beneficiary shall obtain and retain the information referred to in Article 14(1) and (2) from its customer. The crypto- asset service provider shall maintain a record of all transfers of crypto-assets from unhosted wallets and notify competent authority of any customer having received EUR 1 000 or more from unhosted wallets.

Amendment 265 #