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Activities of Paul TANG related to 2021/0241(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council on information accompanying transfers of funds and certain crypto-assets (recast)
2022/04/06
Committee: ECONLIBE
Dossiers: 2021/0241(COD)
Documents: PDF(351 KB) DOC(156 KB)
Authors: [{'name': 'Assita KANKO', 'mepid': 197469}, {'name': 'Ernest URTASUN', 'mepid': 124972}]

Amendments (35)

Amendment 83 #
Proposal for a regulation
Recital 3 a (new)
(3a) Given the growing use of crypto- assets in the form of non-fungible tokens (NFTs) it is important to also ensure transfers of NFTs, which are easily transferable across borders, is accompanied by the same information as other transfers of funds. By obliging crypto-asset service providers to accompany the transfers of crypto-assets with verified information on the originator and beneficiary of the transfer, also transfers of NFTs should be accompanied with such verified information.
2022/03/03
Committee: ECONLIBE
Amendment 91 #
Proposal for a regulation
Recital 8
(8) Directive (EU) 2018/843 of the European Parliament and of the Council39 introduced a definition of virtual currencies and recognised providers engaged in exchange services between virtual currencies and fiatofficial currencies as well as custodian wallet providers among the entities submitted to anti-money laundering and countering terrorism financing requirements in the Union legal framework. The latest international developments, notably within the FATF, now implies the need to regulate additional categories of virtual asset service providers not yet covered as well as to broaden the current definition of virtual currency. __________________ 39 Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU (OJ L 156, 19.6.2018, p. 43).
2022/03/03
Committee: ECONLIBE
Amendment 96 #
Proposal for a regulation
Recital 13
(13) In addition, the Commission Action Plan of 7 May 2020 for a comprehensive Union policy on preventing money laundering and terrorism financing41 identified six priority areas for urgent action to improve the Union’s anti-money laundering and countering financing of terrorism regime, including the establishment of a coherent regulatory framework for that regime in the Union to obtain more detailed and harmonised rules, notably to address the implications of technological innovation and developments in international standards and avoid diverging implementation of existing rules. Work at international level suggests a need to expand the scope of sectors or entities covered by the anti-money laundering and countering financing of terrorism rules and to assess how they should apply to virtualcrypto- assets service providers not covered so far. __________________ 41 Communication from the Commission on an Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing (C(2020) 2800 final).
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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 fiatofficial currency or a crypto- asset, involve a traditional wire transfer or a transfer of crypto-assets involving a crypto-asset service provider.
2022/03/03
Committee: ECONLIBE
Amendment 124 #
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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 transferremove 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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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:
2022/03/03
Committee: ECONLIBE
Amendment 162 #
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 beneficiaryf 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];
2022/03/03
Committee: ECONLIBE
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;
2022/03/03
Committee: ECONLIBE
Amendment 169 #
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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
2022/03/03
Committee: ECONLIBE
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;
2022/03/03
Committee: ECONLIBE
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;
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
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
2022/03/03
Committee: ECONLIBE
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.
2022/03/03
Committee: ECONLIBE
Amendment 265 #
Proposal for a regulation
Article 16 – paragraph 2
2. In the case of a transfers of crypto- assets exceeding EUR 1 000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, before making the crypto-assets available to the beneficiary, the crypto-asset service provider of the beneficiary shall verify the accuracy of the information on the beneficiary referred to in paragraph 1 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) 2015/2366made from a distributed ledger address not linked to a crypto-asset service provider, the crypto-asset service provider of the beneficiary shall obtain and hold information referred to in Article 14(1) and (2) and ensure that the transfer of crypto- assets can be individually identified.
2022/03/03
Committee: ECONLIBE
Amendment 266 #
Proposal for a regulation
Article 16 – paragraph 2
2. In the case of transfers of crypto- assets exceeding EUR 1 000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, bBefore making the crypto-assets available to the beneficiary, the crypto- asset service provider of the beneficiary shall verify the accuracy of the information on the beneficiary referred to in paragraph 1 and 1a 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. In the case of a transfer of crypto-assets from an unhosted wallet, the crypto-asset service provider shall, before making the crypto-assets available to the beneficiary, verify directly with the originator of the funds the accuracy of the information on the originator referred to in paragraph 1 and 1a.
2022/03/03
Committee: ECONLIBE
Amendment 273 #
Proposal for a regulation
Article 16 – paragraph 3
3. In the case of transfers of crypto- assets not exceeding EUR 1 000 that do not appear to be linked to other transfers of crypto-asset which, together with the transfer in question, exceed EUR 1 000, the crypto-asset service provider of the beneficiary shall only verify the accuracy of the information on the beneficiary in the following cases: (a) provider of the beneficiary effects the pay- out of the crypto-assets in cash or anonymous electronic money; (b) provider of the beneficiary has reasonable grounds for suspecting money laundering or terrorist financing.deleted where the crypto-asset service where the crypto-asset service
2022/03/03
Committee: ECONLIBE
Amendment 278 #
Proposal for a regulation
Article 16 – paragraph 4 – introductory part
4. Verification as referred to in the previous paragraphs 2 and 3 shall be deemed to have taken place where one of the following applies:
2022/03/03
Committee: ECONLIBE
Amendment 288 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 1
The crypto-asset service provider of the beneficiary shall implement effective risk- based procedures, including procedures based on the risk-sensitive basis referred to in Articles 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 repealing Directive (EU) 2015/849], for determining whether to execute or reject athe appropriate action and follow-up action for transfers of crypto- assets lacking the required complete originator and beneficiary information and for taking the appropriate follow-up action. Crypto-asset service providers may: a) remove the received crypto assets lacking the required complete originator and beneficiary information from the customer’s disposal, preventing their withdrawal or exchange ; or b) delay their availability while further information is requested.
2022/03/03
Committee: ECONLIBE
Amendment 292 #
Proposal for a regulation
Article 17 – paragraph 1 – subparagraph 2
Where the crypto-asset service provider of the beneficiary becomes aware, when receiving transfers of crypto-assets, that the information referred to in Article 14(1) or (2) or Article 15 is missing or incomplete, the crypto-asset service provider shall reject the transfer or ask for the required information on the originator and the beneficiary before or after making the crypto- assets available to the beneficiary, on a risk-sensitive basis.
2022/03/03
Committee: ECONLIBE
Amendment 301 #
Proposal for a regulation
Article 18 a (new)
Article 18 a Prohibition of transfers involving non- compliant crypto-asset service providers 1. Crypto-asset service providers or other obliged entities shall not facilitate any transfer of crypto-assets to or from crypto- asset service providers that : (a) are registered or domiciled in a country included in the EU AML/CFT list of high risk third country or in a sanctioned jurisdiction, or on Annex I or II to the EU list of non-cooperative jurisdictions for tax purposes; b) do not have an adequate customer identification and verification procedure; c) offer mixing or tumbling services, privacy wallets, or other anonymising services for transfers of crypto-assets; d) offer services of transfers of crypto- assets without authorisation under Regulation [Regulation on Markets in Crypto-assets]; e) have proven links to illegal activities.
2022/03/03
Committee: ECONLIBE
Amendment 303 #
Proposal for a regulation
Article 18 b (new)
Article 18 b Prohibition of transfers to unhosted wallets Crypto-asset service providers or other obliged entities shall not facilitate any transfer of crypto-assets to unhosted wallets.
2022/03/03
Committee: ECONLIBE
Amendment 318 #
Proposal for a regulation
Article 23 – paragraph 1 – point d a (new)
(da) facilitated transfers of crypto- assets to non-compliant crypto-asset service providers in breach of Article 18a
2022/03/03
Committee: ECONLIBE
Amendment 319 #
Proposal for a regulation
Article 23 – paragraph 1 – point d b (new)
(db) facilitated transfers of crypto- assets to unhosted wallets in breach of Article 18b
2022/03/03
Committee: ECONLIBE