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September 22, 2017

The Joint Committee of the ESAs published guidelines to prevent the abuse of funds transfers for money laundering and terrorist financing. Under Article 25 of Regulation (EU) 2015/847, these Joint Guidelines specify the measures payment service providers should take to detect missing or incomplete information on the payer or the payee. The guidelines also specify the procedures that service providers should put in place to manage a transfer of funds lacking the required information. The guidelines will apply from six months after the date on which they are issued.

The joint guidelines set clear, common regulatory expectations of payment service providers' policies and procedures and pave the way for a more harmonized and effective, pan-European approach to AML/CFT in the funds transfer context. These guidelines are part of the ESAs' wider work on fostering a consistent approach to anti-money laundering and countering the financing of terrorism (AML/CFT) and promote a common understanding of payment service providers' obligations in this area. ESAs publicly consulted on a version of these guidelines between April 05, and June 05, 2017. Respondents had welcomed these guidelines and agreed that they clarified regulatory expectations.

 

Related Link: Guidelines to Prevent ML/FT in Electronic Fund Transfers (PDF)

Effective Date: March 22, 2018

Keywords: Europe, EU, Insurance, Banking, Securities, AML/CFT, Electronic Fund Transfer, ML/TF Risk, ESAs

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