Regulation (EU) 2023/1113 (Transfer of Funds Regulation, TFR) — information accompanying transfers of funds and certain crypto-assets

Current as of 9 June 202340 provisions

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["Section 1", "Obligations on the payment service provider of the payer", "Article 4"]
Information accompanying transfers of funds
Information accompanying transfers of funds 1. The payment service provider of the payer shall ensure that transfers of funds are accompanied by the following…
["Section 3", "Obligations on intermediary crypto-asset service providers", "Article 20"]
Detection of missing information on the originator or the beneficiary
Detection of missing information on the originator or the beneficiary The intermediary crypto-asset service provider shall implement effective procedures…
["Section 1", "Obligations on the payment service provider of the payer", "Article 5"]
Transfers of funds within the Union
Transfers of funds within the Union 1. By way of derogation from Article 4 (1) and (2), where all payment service providers involved in the payment chain are…
["Section 2", "Obligations on the crypto-asset service provider of the beneficiary", "Article 18"]
Assessment and reporting
Assessment and reporting The crypto-asset service provider of the beneficiary shall take into account missing or incomplete information on the originator or…
["CHAPTER V", "Information, data protection and record-retention", "Article 27"]
Cooperation among competent authorities
Cooperation among competent authorities The exchange of information among competent authorities and with relevant third-country authorities under this…
["CHAPTER X", "Final provisions", "Article 40"]
Entry into force
Entry into force This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union…
["CHAPTER I", "Subject matter, scope and definitions", "Article 1"]
Subject matter
Subject matter This Regulation lays down rules on the information on payers and payees accompanying transfers of funds, in any currency, and on the information…
["CHAPTER VII", "Implementing powers", "Article 34"]
Committee procedure
Committee procedure 1. The Commission shall be assisted by the Committee on the Prevention of Money Laundering and Terrorist Financing. That Committee shall be…
["CHAPTER VI", "Sanctions and monitoring", "Article 28"]
Administrative sanctions and measures
Administrative sanctions and measures 1. Without prejudice to the right to provide for and impose criminal sanctions, Member States shall lay down the rules on…
["CHAPTER X", "Final provisions", "Article 39"]
Repeal
Repeal Regulation (EU) 2015/847 is repealed with effect from the date of application of this Regulation. References to the repealed Regulation shall be…
["CHAPTER I", "Subject matter, scope and definitions", "Article 2"]
Scope
Scope 1. This Regulation shall apply to transfers of funds, in any currency, which are sent or received by a payment service provider or an intermediary…
["Section 3", "Obligations on intermediary payment service providers", "Article 13"]
Assessment and reporting
Assessment and reporting The intermediary payment service provider shall take into account missing information on the payer or the payee as a factor when…
["CHAPTER IX", "Other provisions", "Article 36"]
Guidelines
Guidelines EBA shall issue guidelines addressed to the competent authorities and the payment service providers in accordance with Article 16 of Regulation (EU)…
["Section 3", "Obligations on intermediary payment service providers", "Article 10"]
Retention of information on the payer and the payee accompanying the transfer
Retention of information on the payer and the payee accompanying the transfer Intermediary payment service providers shall ensure that all the information…
["CHAPTER VI", "Sanctions and monitoring", "Article 30"]
Publication of sanctions and measures
Publication of sanctions and measures In accordance with Article 60(1), (2) and (3) of Directive (EU) 2015/849, the competent authorities shall publish…
["Section 2", "Obligations on the crypto-asset service provider of the beneficiary", "Article 16"]
Detection of missing information on the originator or the beneficiary
Detection of missing information on the originator or the beneficiary 1. The crypto-asset service provider of the beneficiary shall implement effective…
["CHAPTER V", "Information, data protection and record-retention", "Article 25"]
Data protection
Data protection 1. The processing of personal data under this Regulation is subject to Regulation (EU) 2016/679. Personal data that is processed pursuant to…
["CHAPTER IX", "Other provisions", "Article 37"]
Review
Review 1. By 12 months after the entry into force of a Regulation on the prevention of the use of the financial system for the purposes of money laundering or…
["CHAPTER VIII", "Derogations", "Article 35"]
Agreements with countries and territories which do not form part of the territory of the Union
Agreements with countries and territories which do not form part of the territory of the Union 1. The Commission may authorise any Member State to conclude an…
["Section 3", "Obligations on intermediary crypto-asset service providers", "Article 22"]
Assessment and reporting
Assessment and reporting The intermediary crypto-asset service provider shall take into account missing information on the originator or the beneficiary as a…
["Section 1", "Obligations on the crypto-asset service provider of the originator", "Article 14"]
Information accompanying transfers of crypto-assets
Information accompanying transfers of crypto-assets 1. The crypto-asset service provider of the originator shall ensure that transfers of crypto-assets are…
["Section 1", "Obligations on the crypto-asset service provider of the originator", "Article 15"]
Batch file transfers of crypto-assets
Batch file transfers of crypto-assets In the case of a batch file transfer of crypto-assets from a single originator, Article 14(1) shall not apply to the…
["Section 1", "Obligations on the payment service provider of the payer", "Article 6"]
Transfers of funds to outside the Union
Transfers of funds to outside the Union 1. In the case of a batch file transfer from a single payer where the payment service providers of the payees are…
["CHAPTER IV", "Common measures applicable by payment service providers and crypto-asset service providers", "Article 23"]
Internal policies, procedures and controls to ensure implementation of restrictive measures
Internal policies, procedures and controls to ensure implementation of restrictive measures Payment service providers and crypto-asset service providers shall…
["Section 2", "Obligations on the crypto-asset service provider of the beneficiary", "Article 17"]
Transfers of crypto-assets with missing or incomplete information on the originator or the beneficiary
Transfers of crypto-assets with missing or incomplete information on the originator or the beneficiary 1. The crypto-asset service provider of the beneficiary…
["CHAPTER I", "Subject matter, scope and definitions", "Article 3"]
Definitions
Definitions For the purposes of this Regulation, the following definitions apply: (1) ‘terrorist financing’ means terrorist financing as defined in Article 1…
["CHAPTER V", "Information, data protection and record-retention", "Article 24"]
Provision of information
Provision of information Payment service providers and crypto-asset service providers shall respond fully and without delay, including by means of a central…
["CHAPTER VI", "Sanctions and monitoring", "Article 29"]
Specific provisions
Specific provisions Member States shall ensure that their administrative sanctions and measures include at least those laid down in Article 59(2) and (3) of…
["Section 2", "Obligations on the payment service provider of the payee", "Article 7"]
Detection of missing information on the payer or the payee
Detection of missing information on the payer or the payee 1. The payment service provider of the payee shall implement effective procedures to detect whether…
["CHAPTER VI", "Sanctions and monitoring", "Article 31"]
Application of sanctions and measures by competent authorities
Application of sanctions and measures by competent authorities 1. When determining the type of administrative sanctions or measures and the level of…
["Section 3", "Obligations on intermediary crypto-asset service providers", "Article 21"]
Transfers of crypto-assets with missing information on the originator or the beneficiary
Transfers of crypto-assets with missing information on the originator or the beneficiary 1. The intermediary crypto-asset service provider shall establish…
["Section 3", "Obligations on intermediary payment service providers", "Article 12"]
Transfers of funds with missing information on the payer or the payee
Transfers of funds with missing information on the payer or the payee 1. The intermediary payment service provider shall establish effective risk-based…
["CHAPTER VI", "Sanctions and monitoring", "Article 33"]
Monitoring
Monitoring 1. Member States shall require competent authorities to monitor effectively and to take the measures necessary to ensure compliance with this…
["Section 3", "Obligations on intermediary crypto-asset service providers", "Article 19"]
Retention of information on the originator and the beneficiary accompanying the transfer
Retention of information on the originator and the beneficiary accompanying the transfer Intermediary crypto-asset service providers shall ensure that all the…
["CHAPTER VI", "Sanctions and monitoring", "Article 32"]
Reporting of breaches
Reporting of breaches 1. Member States shall establish effective mechanisms to encourage the reporting to competent authorities of breaches of this Regulation…
["Section 2", "Obligations on the payment service provider of the payee", "Article 9"]
Assessment and reporting
Assessment and reporting The payment service provider of the payee shall take into account missing or incomplete information on the payer or the payee as a…
["CHAPTER V", "Information, data protection and record-retention", "Article 26"]
Record retention
Record retention 1. Information on the payer and the payee or on the originator and beneficiary shall not be retained for longer than strictly necessary…
["Section 2", "Obligations on the payment service provider of the payee", "Article 8"]
Transfers of funds with missing or incomplete information on the payer or the payee
Transfers of funds with missing or incomplete information on the payer or the payee 1. The payment service provider of the payee shall implement effective…
["Section 3", "Obligations on intermediary payment service providers", "Article 11"]
Detection of missing information on the payer or the payee
Detection of missing information on the payer or the payee 1. The intermediary payment service provider shall implement effective procedures to detect whether…
["CHAPTER X", "Final provisions", "Article 38"]
Amendments to Directive (EU) 2015/849
Amendments to Directive (EU) 2015/849 Directive (EU) 2015/849 is amended as follows: (1) in Article 2 (1), point (3), points (g) and (h) are deleted; (2)…
["CHAPTER V", "Information, data protection and record-retention", "Article 26"]
Record retention
Record retention 2015. Member States may, without prejudice to national criminal law on evidence applicable to ongoing criminal investigations and legal…
["CHAPTER X", "Final provisions", "Article 38"]
Amendments to Directive (EU) 2015/849
Amendments to Directive (EU) 2015/849 (16)(h), of that Regulation; (*1) Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023…
["CHAPTER I", "Subject matter, scope and definitions", "Article 3"]
Definitions
Definitions (9) ‘transfer of funds’ means any transaction at least partially carried out by electronic means on behalf of a payer through a payment service…
["CHAPTER IX", "Other provisions", "Article 37"]
Review
Review 3. By 30 June 2027, the Commission shall submit to the European Parliament and to the Council a report on the application and enforcement of this…
["Section 2", "Obligations on the crypto-asset service provider of the beneficiary", "Article 16"]
Detection of missing information on the originator or the beneficiary
Detection of missing information on the originator or the beneficiary (5) of Directive (EU) 2015/849 applies to the beneficiary.
["CHAPTER VI", "Sanctions and monitoring", "Article 28"]
Administrative sanctions and measures
Administrative sanctions and measures (4) of Directive (EU) 2015/849, competent authorities shall have all the supervisory and investigatory powers that are…
["CHAPTER VIII", "Derogations", "Article 35"]
Agreements with countries and territories which do not form part of the territory of the Union
Agreements with countries and territories which do not form part of the territory of the Union 4. If, within two months of receipt of the request, the…
["Section 1", "Obligations on the payment service provider of the payer", "Article 4"]
Information accompanying transfers of funds
Information accompanying transfers of funds 4. Before transferring funds, the payment service provider of the payer shall verify the accuracy of the…
["Section 1", "Obligations on the crypto-asset service provider of the originator", "Article 14"]
Information accompanying transfers of crypto-assets
Information accompanying transfers of crypto-assets 2. The crypto-asset service provider of the originator shall ensure that transfers of crypto-assets are…
["CHAPTER I", "Subject matter, scope and definitions", "Article 2"]
Scope
Scope 4. This Regulation shall not apply to persons that have no activity other than to convert paper documents into electronic data and that do so pursuant to…
["CHAPTER V", "Information, data protection and record-retention", "Article 25"]
Data protection
Data protection 4. Payment service providers and crypto-asset service providers shall ensure at all times that the transmission of any personal data on the…
["Section 2", "Obligations on the payment service provider of the payee", "Article 7"]
Detection of missing information on the payer or the payee
Detection of missing information on the payer or the payee (2), points (a) and (b), in respect of that batch file transfer. 3. In the case of transfers of…
["Section 1", "Obligations on the payment service provider of the payer", "Article 5"]
Transfers of funds within the Union
Transfers of funds within the Union (4), in the case of transfers of funds referred to in paragraph 2, point (b), of this Article, the payment service provider…
["Section 2", "Obligations on the payment service provider of the payee", "Article 8"]
Transfers of funds with missing or incomplete information on the payer or the payee
Transfers of funds with missing or incomplete information on the payer or the payee (1), the payment service provider of the payee shall, on a risk-sensitive…
["CHAPTER I", "Subject matter, scope and definitions", "Article 3"]
Definitions
Definitions (12) ‘unique transaction identifier’ means a combination of letters, numbers or symbols determined by the payment service provider, in accordance…
["Section 2", "Obligations on the payment service provider of the payee", "Article 7"]
Detection of missing information on the payer or the payee
Detection of missing information on the payer or the payee (5) of Directive (EU) 2015/849 applies to the payee.
["CHAPTER X", "Final provisions", "Article 38"]
Amendments to Directive (EU) 2015/849
Amendments to Directive (EU) 2015/849 (4) the following articles are inserted: ‘Article 19a 1. Member States shall require crypto-asset service providers to…
["CHAPTER IX", "Other provisions", "Article 37"]
Review
Review take into account new developments in the field of anti-money laundering and counter-terrorist financing, as well as relevant evaluations, assessments…
["Section 1", "Obligations on the crypto-asset service provider of the originator", "Article 14"]
Information accompanying transfers of crypto-assets
Information accompanying transfers of crypto-assets 5. In the case of a transfer of crypto-assets made to a self-hosted address, the crypto-asset service…
["CHAPTER I", "Subject matter, scope and definitions", "Article 2"]
Scope
Scope (7), of Regulation (EU) 2023/1114, shall be treated as crypto-assets under this Regulation. 5. A Member State may decide not to apply this Regulation to…
["CHAPTER VI", "Sanctions and monitoring", "Article 28"]
Administrative sanctions and measures
Administrative sanctions and measures 7. Competent authorities shall exercise their powers to impose administrative sanctions and measures in accordance with…
["CHAPTER X", "Final provisions", "Article 38"]
Amendments to Directive (EU) 2015/849
Amendments to Directive (EU) 2015/849 (16), of Regulation (EU) 2023/1114, with the exception of point (h) of that point, with a respondent entity not…
["CHAPTER I", "Subject matter, scope and definitions", "Article 3"]
Definitions
Definitions (18) ‘distributed ledger address’ means an alphanumeric code that identifies an address on a network using distributed ledger technology (DLT) or…
["CHAPTER X", "Final provisions", "Article 38"]
Amendments to Directive (EU) 2015/849
Amendments to Directive (EU) 2015/849 2. Member States shall ensure crypto-asset service providers take into account the information referred to in paragraph 1…

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