(a) the conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such activity to evade the legal consequences of his action; (b) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from criminal activity or from an act of participation in such activity; (c) the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such activity; (d) participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions mentioned in the foregoing points.
Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (Text with EEA relevance)
Modified by
- Directive 2007/64/EC of the European Parliament and of the Councilof 13 November 2007on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC(Text with EEA relevance), 32007L0064, December 5, 2007
- Directive 2008/20/EC of the European Parliament and of the Councilof 11 March 2008amending Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing, as regards the implementing powers conferred on the Commission(Text with EEA relevance), 32008L0020, March 19, 2008
- Directive 2009/110/EC of the European Parliament and of the Councilof 16 September 2009on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC(Text with EEA relevance), 32009L0110, October 10, 2009
- Directive 2010/78/EU of the European Parliament and of the Councilof 24 November 2010amending Directives 98/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC and 2009/65/EC in respect of the powers of the European Supervisory Authority (European Banking Authority), the European Supervisory Authority (European Insurance and Occupational Pensions Authority) and the European Supervisory Authority (European Securities and Markets Authority)(Text with EEA relevance), 32010L0078, December 15, 2010
- Directive (EU) 2015/849 of the European Parliament and of the Councilof 20 May 2015on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC(Text with EEA relevance), 32015L0849, June 5, 2015
(1) credit institutions; (2) financial institutions; (3) the following legal or natural persons acting in the exercise of their professional activities: (a) auditors, external accountants and tax advisors; (b) notaries and other independent legal professionals, when they participate, whether by acting on behalf of and for their client in any financial or real estate transaction, or by assisting in the planning or execution of transactions for their client concerning the: (i) buying and selling of real property or business entities; (ii) managing of client money, securities or other assets; (iii) opening or management of bank, savings or securities accounts; (iv) organisation of contributions necessary for the creation, operation or management of companies; (v) creation, operation or management of trusts, companies or similar structures;
(c) trust or company service providers not already covered under points (a) or (b); (d) real estate agents; (e) other natural or legal persons trading in goods, only to the extent that payments are made in cash in an amount of EUR 15000 or more, whether the transaction is executed in a single operation or in several operations which appear to be linked;(f) casinos.
(1) "credit institution" means a credit institution, as defined in the first subparagraph of Article 1(1) of Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutionsOJ L 126, 26.5.2000, p. 1 . Directive as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p. 9 ).(2) "financial institution" means: (a) an undertaking, other than a credit institution, which carries out one or more of the operations included in points 2 to 12 and points 14 and 15 of Annex I to Directive 2006/48/EC, including the activities of currency exchange offices (bureaux de change); (b) an insurance company duly authorised in accordance with Directive 2002/83/EC of the European Parliament and of the Council of 5 November 2002 concerning life assuranceOJ L 345, 19.12.2002, p. 1 . Directive as last amended by Directive 2005/1/EC.(c) an investment firm as defined in point 1 of Article 4(1) of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instrumentsOJ L 145, 30.4.2004, p. 1 .(d) a collective investment undertaking marketing its units or shares; (e) an insurance intermediary as defined in Article 2(5) of Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on insurance mediationOJ L 9, 15.1.2003, p. 3 .(f) branches, when located in the Community, of financial institutions as referred to in points (a) to (e), whose head offices are inside or outside the Community;
(3) "property" means assets of every kind, whether corporeal or incorporeal, movable or immovable, tangible or intangible, and legal documents or instruments in any form including electronic or digital, evidencing title to or an interest in such assets; (4) "criminal activity" means any kind of criminal involvement in the commission of a serious crime; (5) "serious crimes" means, at least: (a) acts as defined in Articles 1 to 4 of Framework Decision 2002/475/JHA; (b) any of the offences defined in Article 3(1)(a) of the 1988 United Nations Convention against Illicit Traffic in Narcotic Drugs and Psychotropic Substances; (c) the activities of criminal organisations as defined in Article 1 of Council Joint Action 98/733/JHA of 21 December 1998 on making it a criminal offence to participate in a criminal organisation in the Member States of the European UnionOJ L 351, 29.12.1998, p. 1 .(d) fraud, at least serious, as defined in Article 1(1) and Article 2 of the Convention on the Protection of the European Communities' Financial Interests OJ C 316, 27.11.1995, p. 49 .(e) corruption; (f) all offences which are punishable by deprivation of liberty or a detention order for a maximum of more than one year or, as regards those States which have a minimum threshold for offences in their legal system, all offences punishable by deprivation of liberty or a detention order for a minimum of more than six months;
(6) "beneficial owner" means the natural person(s) who ultimately owns or controls the customer and/or the natural person on whose behalf a transaction or activity is being conducted. The beneficial owner shall at least include: (a) in the case of corporate entities: (i) the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership or control over a sufficient percentage of the shares or voting rights in that legal entity, including through bearer share holdings, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Community legislation or subject to equivalent international standards; a percentage of 25 % plus one share shall be deemed sufficient to meet this criterion; (ii) the natural person(s) who otherwise exercises control over the management of a legal entity:
(b) in the case of legal entities, such as foundations, and legal arrangements, such as trusts, which administer and distribute funds: (i) where the future beneficiaries have already been determined, the natural person(s) who is the beneficiary of 25 % or more of the property of a legal arrangement or entity; (ii) where the individuals that benefit from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; (iii) the natural person(s) who exercises control over 25 % or more of the property of a legal arrangement or entity;
(7) "trust and company service providers" means any natural or legal person which by way of business provides any of the following services to third parties: (a) forming companies or other legal persons; (b) acting as or arranging for another person to act as a director or secretary of a company, a partner of a partnership, or a similar position in relation to other legal persons; (c) providing a registered office, business address, correspondence or administrative address and other related services for a company, a partnership or any other legal person or arrangement; (d) acting as or arranging for another person to act as a trustee of an express trust or a similar legal arrangement; (e) acting as or arranging for another person to act as a nominee shareholder for another person other than a company listed on a regulated market that is subject to disclosure requirements in conformity with Community legislation or subject to equivalent international standards;
(8) "politically exposed persons" means natural persons who are or have been entrusted with prominent public functions and immediate family members, or persons known to be close associates, of such persons; (9) "business relationship" means a business, professional or commercial relationship which is connected with the professional activities of the institutions and persons covered by this Directive and which is expected, at the time when the contact is established, to have an element of duration; (10) "shell bank" means a credit institution, or an institution engaged in equivalent activities, incorporated in a jurisdiction in which it has no physical presence, involving meaningful mind and management, and which is unaffiliated with a regulated financial group.
(a) when establishing a business relationship; (b) when carrying out occasional transactions amounting to EUR 15000 or more, whether the transaction is carried out in a single operation or in several operations which appear to be linked;(c) when there is a suspicion of money laundering or terrorist financing, regardless of any derogation, exemption or threshold; (d) when there are doubts about the veracity or adequacy of previously obtained customer identification data.
(a) identifying the customer and verifying the customer's identity on the basis of documents, data or information obtained from a reliable and independent source; (b) identifying, where applicable, the beneficial owner and taking risk-based and adequate measures to verify his identity so that the institution or person covered by this Directive is satisfied that it knows who the beneficial owner is, including, as regards legal persons, trusts and similar legal arrangements, taking risk-based and adequate measures to understand the ownership and control structure of the customer; (c) obtaining information on the purpose and intended nature of the business relationship; (d) conducting ongoing monitoring of the business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's or person's knowledge of the customer, the business and risk profile, including, where necessary, the source of funds and ensuring that the documents, data or information held are kept up-to-date.
(a) listed companies whose securities are admitted to trading on a regulated market within the meaning of Directive 2004/39/EC in one or more Member States and listed companies from third countries which are subject to disclosure requirements consistent with Community legislation; (b) beneficial owners of pooled accounts held by notaries and other independent legal professionals from the Member States, or from third countries provided that they are subject to requirements to combat money laundering or terrorist financing consistent with international standards and are supervised for compliance with those requirements and provided that the information on the identity of the beneficial owner is available, on request, to the institutions that act as depository institutions for the pooled accounts; (c) domestic public authorities,
(a) life insurance policies where the annual premium is no more than EUR 1000 or the single premium is no more than EUR2500 ;(b) insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral; (c) a pension, superannuation or similar scheme that provides retirement benefits to employees, where contributions are made by way of deduction from wages and the scheme rules do not permit the assignment of a member's interest under the scheme; (d) electronic money, as defined in point 2 of Article 2 of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutionsOJ L 267, 10.10.2009, p 7 .2500 is imposed on the total amount transacted in a calendar year, except when an amount of EUR1000 or more is redeemed in that same calendar year upon the electronic money holder’s request in accordance with Article 11 of Directive 2009/110/EC. As regards national payment transactions, Member States or their competent authorities may increase the amount of EUR 250 referred to in this point to a ceiling of EUR 500.
(a) ensuring that the customer's identity is established by additional documents, data or information; (b) supplementary measures to verify or certify the documents supplied, or requiring confirmatory certification by a credit or financial institution covered by this Directive; (c) ensuring that the first payment of the operations is carried out through an account opened in the customer's name with a credit institution.
(a) gather sufficient information about a respondent institution to understand fully the nature of the respondent's business and to determine from publicly available information the reputation of the institution and the quality of supervision; (b) assess the respondent institution's anti-money laundering and anti-terrorist financing controls; (c) obtain approval from senior management before establishing new correspondent banking relationships; (d) document the respective responsibilities of each institution; (e) with respect to payable-through accounts, be satisfied that the respondent credit institution has verified the identity of and performed ongoing due diligence on the customers having direct access to accounts of the correspondent and that it is able to provide relevant customer due diligence data to the correspondent institution, upon request.
(a) have appropriate risk-based procedures to determine whether the customer is a politically exposed person; (b) have senior management approval for establishing business relationships with such customers; (c) take adequate measures to establish the source of wealth and source of funds that are involved in the business relationship or transaction; (d) conduct enhanced ongoing monitoring of the business relationship.
(a) they are subject to mandatory professional registration, recognised by law; (b) they apply customer due diligence requirements and record keeping requirements as laid down or equivalent to those laid down in this Directive and their compliance with the requirements of this Directive is supervised in accordance with Section 2 of Chapter V, or they are situated in a third country which imposes equivalent requirements to those laid down in this Directive.
(a) by promptly informing the FIU, on their own initiative, where the institution or person covered by this Directive knows, suspects or has reasonable grounds to suspect that money laundering or terrorist financing is being or has been committed or attempted; (b) by promptly furnishing the FIU, at its request, with all necessary information, in accordance with the procedures established by the applicable legislation.
(a) in the case of the customer due diligence, a copy or the references of the evidence required, for a period of at least five years after the business relationship with their customer has ended; (b) in the case of business relationships and transactions, the supporting evidence and records, consisting of the original documents or copies admissible in court proceedings under the applicable national legislation for a period of at least five years following the carrying-out of the transactions or the end of the business relationship.
(a) a power of representation of the legal person; (b) an authority to take decisions on behalf of the legal person, or (c) an authority to exercise control within the legal person.
(a) clarification of the technical aspects of the definitions in Article 3(2)(a) and (d), (6), (7), (8), (9) and (10); (b) establishment of technical criteria for assessing whether situations represent a low risk of money laundering or terrorist financing as referred to in Article 11(2) and (5); (c) establishment of technical criteria for assessing whether situations represent a high risk of money laundering or terrorist financing as referred to in Article 13; (d) establishment of technical criteria for assessing whether, in accordance with Article 2(2), it is justified not to apply this Directive to certain legal or natural persons carrying out a financial activity on an occasional or very limited basis.
| This Directive | Directive 91/308/EEC |
|---|---|
| Article 1(1) | Article 2 |
| Article 1(2) | Article 1(C) |
| Article 1(2)(a) | Article 1(C) first point |
| Article 1(2)(b) | Article 1(C) second point |
| Article 1(2)(c) | Article 1(C) third point |
| Article 1(2)(d) | Article 1(C) fourth point |
| Article 1(3) | Article 1(C), third paragraph |
| Article 1(4) | |
| Article 1(5) | Article 1(C), second paragraph |
| Article 2(1)(1) | Article 2a(1) |
| Article 2(1)(2) | Article 2a(2) |
| Article 2(1)(3)(a), (b) and (d) to (f) | Article 2a(3) to (7) |
| Article 2(1)(3)(c) | |
| Article 2(2) | |
| Article 3(1) | Article 1(A) |
| Article 3(2)(a) | Article 1(B)(1) |
| Article 3(2)(b) | Article 1(B)(2) |
| Article 3(2)(c) | Article 1(B)(3) |
| Article 3(2)(d) | Article 1(B)(4) |
| Article 3(2)(e) | |
| Article 3(2)(f) | Article 1(B), second paragraph |
| Article 3(3) | Article 1(D) |
| Article 3(4) | Article 1(E), first paragraph |
| Article 3(5) | Article 1(E), second paragraph |
| Article 3(5)(a) | |
| Article 3(5)(b) | Article 1(E), first indent |
| Article 3(5)(c) | Article 1(E), second indent |
| Article 3(5)(d) | Article 1(E), third indent |
| Article 3(5)(e) | Article 1(E), fourth indent |
| Article 3(5)(f) | Article 1(E), fifth indent, and third paragraph |
| Article 3(6) | |
| Article 3(7) | |
| Article 3(8) | |
| Article 3(9) | |
| Article 3(10) | |
| Article 4 | Article 12 |
| Article 5 | Article 15 |
| Article 6 | |
| Article 7(a) | Article 3(1) |
| Article 7(b) | Article 3(2) |
| Article 7(c) | Article 3(8) |
| Article 7(d) | Article 3(7) |
| Article 8(1)(a) | Article 3(1) |
| Article 8(1)(b) to (d) | |
| Article 8(2) | |
| Article 9(1) | Article 3(1) |
| Article 9(2) to (6) | |
| Article 10 | Article 3(5) and (6) |
| Article 11(1) | Article 3(9) |
| Article 11(2) | |
| Article 11(3) and (4) | |
| Article 11(5)(a) | Article 3(3) |
| Article 11(5)(b) | Article 3(4) |
| Article 11(5)(c) | Article 3(4) |
| Article 11(5)(d) | |
| Article 12 | |
| Article 13(1) and (2) | Article 3(10) and (11) |
| Article 13(3) to (5) | |
| Article 13(6) | Article 5 |
| Article 14 | |
| Article 15 | |
| Article 16 | |
| Article 17 | |
| Article 18 | |
| Article 19 | |
| Article 20 | Article 5 |
| Article 21 | |
| Article 22 | Article 6(1) and (2) |
| Article 23 | Article 6(3) |
| Article 24 | Article 7 |
| Article 25 | Article 10 |
| Article 26 | Article 9 |
| Article 27 | |
| Article 28(1) | Article 8(1) |
| Article 28(2) to (7) | |
| Article 29 | |
| Article 30(a) | Article 4, first indent |
| Article 30(b) | Article 4, second indent |
| Article 31 | |
| Article 32 | |
| Article 33 | |
| Article 34(1) | Article 11(1) (a) |
| Article 34(2) | |
| Article 35(1), first paragraph | Article 11(1)(b), first sentence |
| Article 35(1), second paragraph | Article 11(1)(b) second sentence |
| Article 35(1), third paragraph | Article 11(1), second paragraph |
| Article 35(2) | |
| Article 35(3) | |
| Article 36 | |
| Article 37 | |
| Article 38 | |
| Article 39(1) | Article 14 |
| Article 39(2) to (4) | |
| Article 40 | |
| Article 41 | |
| Article 42 | Article 17 |
| Article 43 | |
| Article 44 | |
| Article 45 | Article 16 |
| Article 46 | Article 16 |