This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 10 July 2027, except in relation to obliged entities referred to in Article 3, points (3)(n) and (o), to which it shall apply from 10 July 2029.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 31 May 2024.
For the European Parliament
The President
R. METSOLA
For the Council
The President
H. LAHBIB
(1) OJ C 210, 25.5.2022, p. 5.
(2) OJ C 152, 6.4.2022, p. 89.
(3) Position of the European Parliament of 24 April 2024 (not yet published in the Official Journal) and decision of the Council of 30 May 2024.
(4) Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on 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 (OJ L 141, 5.6.2015, p. 73).
(5) 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).
(6) Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 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, amending Directive (EU) 2019/1937, and amending and repealing Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024, ELI: http://data.europa.eu/eli/dir/2024/1640/oj).
(7) Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849 (OJ L 150, 9.6.2023, p. 1).
(8) Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620, 19.6.2024, http://data.europa.eu/eli/reg/2024/1620/oj).
(9) Directive (EU) 2018/1673 of the European Parliament and of the Council of 23 October 2018 on combating money laundering by criminal law (OJ L 284, 12.11.2018, p. 22).
(10) Directive (EU) 2017/1371 of the European Parliament and of the Council of 5 July 2017 on the fight against fraud to the Union's financial interests by means of criminal law (OJ L 198, 28.7.2017, p. 29).
(11) Directive (EU) 2017/541 of the European Parliament and of the Council of 15 March 2017 on combating terrorism and replacing Council Framework Decision 2002/475/JHA and amending Council Decision 2005/671/JHA (OJ L 88, 31.3.2017, p. 6).
(12) Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (OJ L 26, 2.2.2016, p. 19).
(13) 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).
(14) Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40).
(15) Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (OJ L 347, 20.10.2020, p. 1).
(16) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32).
(17) Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 (OJ L 174, 1.7.2011, p. 1).
(18) Council Decision 2010/413/CFSP of 26 July 2010 concerning restrictive measures against Iran and repealing Common Position 2007/140/CFSP (OJ L 195, 27.7.2010, p. 39).
(19) Council Decision (CFSP) 2016/849 of 27 May 2016 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Decision 2013/183/CFSP (OJ L 141, 28.5.2016, p. 79).
(20) Council Regulation (EU) No 267/2012 of 23 March 2012 concerning restrictive measures against Iran and repealing Regulation (EU) No 961/2010 (OJ L 88, 24.3.2012, p. 1).
(21) Council Regulation (EU) 2017/1509 of 30 August 2017 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Regulation (EC) No 329/2007 (OJ L 224, 31.8.2017, p. 1).
(22) Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 (OJ L 176, 27.6.2013, p. 1).
(23) Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73).
(24) Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (OJ L 257, 28.8.2014, p. 214).
(25) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19).
(26) Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision (IORPs) (OJ L 354, 23.12.2016, p. 37).
(27) Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJ L 390, 31.12.2004, p. 38).
(28) 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).
(29) OJ L 123, 12.5.2016, p. 1.
(30) Regulation (EU) No 182/2011 of the European Parliament and of the Council of 16 February 2011 laying down the rules and general principles concerning mechanisms for control by the Member States of the Commission's exercise of implementing powers (OJ L 55, 28.2.2011, p. 13).
(31) OJ C 524, 29.12.2021, p. 10.
(32) Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).
(33) Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).
(34) Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
(35) Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 (OJ L 257, 28.8.2014, p. 1).
(36) Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 (OJ L 60, 28.2.2014, p. 34).
(37) Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC (OJ L 133, 22.5.2008, p. 66).
(38) 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 institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (OJ L 267, 10.10.2009, p. 7).
(39) Regulation (EU) 2018/1672 of the European Parliament and of the Council of 23 October 2018 on controls on cash entering or leaving the Union and repealing Regulation (EC) No 1889/2005 (OJ L 284, 12.11.2018, p. 6).
(40) Council Regulation (EC) No 116/2009 of 18 December 2008 on the export of cultural goods (OJ L 39, 10.2.2009, p. 1).
(41) Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law (OJ L 305, 26.11.2019, p. 17).
(42) Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC (OJ L 64, 11.3.2011, p. 1).
(43) Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (OJ L 94, 28.3.2014, p. 65).
(44) Directive (EU) 2016/680 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 by competent authorities for the purposes of the prevention, investigation, detection or prosecution of criminal offences or the execution of criminal penalties, and on the free movement of such data, and repealing Council Framework Decision 2008/977/JHA (OJ L 119, 4.5.2016, p. 89).
(45) Regulation (EU) 2024/xxx of the European Parliament and of the Council of xxx laying down harmonised rules on artificial intelligence and amending Regulations (EC) No 300/2008, (EU) No 167/2013, (EU) No 168/2013, (EU) 2018/858, (EU) 2018/1139 and (EU) 2019/2144 and Directives 2014/90/EU, (EU) 2016/797 and (EU) 2020/1828 (Artificial Intelligence Act) (Not yet published in the Official Journal).
(46) Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, p. 1).
(47) Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42).
(48) Regulation (EU, Euratom) No 883/2013 of the European Parliament and of the Council of 11 September 2013 concerning investigations conducted by the European Anti-Fraud Office (OLAF) and repealing Regulation (EC) No 1073/1999 of the European Parliament and of the Council and Council Regulation (Euratom) No 1074/1999 (OJ L 248, 18.9.2013, p. 1).
ANNEX I
Indicative list of risk variables
The following is a non-exhaustive list of risk variables that obliged entities shall take into account when drawing up their risk assessment in accordance with Article 10 and when determining to what extent to apply customer due diligence measures in accordance with Article 20:
(a)
Customer risk variables:
(i)
the customer's and the customer's beneficial owner's business or professional activity;
(ii)
the customer's and the customer's beneficial owner's reputation;
(iii)
the customer's and the customer's beneficial owner's nature and behaviour;
(iv)
the jurisdictions in which the customer and the customer's beneficial owner are based;
(v)
the jurisdictions that are the customer's and the customer's beneficial owner's main places of business;
(vi)
the jurisdictions to which the customer and the customer's beneficial owner have relevant personal links;
(b)
Product, service or transaction risk variables:
(i)
the purpose of an account or relationship;
(ii)
the regularity or duration of the business relationship;
(iii)
the level of assets to be deposited by a customer or the size of transactions undertaken;
(iv)
the level of transparency, or opaqueness, the product, service or transaction affords;
(v)
the complexity of the product, service or transaction;
(vi)
the value or size of the product, service or transaction;
(c)
Delivery channel risk variables:
(i)
the extent to which the business relationship is conducted on a non-face-to-face basis;
(ii)
the presence of any introducers or intermediaries that the customer might use and the nature of their relationship with the customer;
(d)
Risk variable for life and other investment-related insurance:
(i)
the risk level presented by the beneficiary of the insurance policy.
ANNEX II
Lower risk factors
The following is a non-exhaustive list of factors and types of evidence of potentially lower risk referred to in Article 20:
(1)
Customer risk factors:
(a)
public companies listed on a stock exchange and subject to disclosure requirements (either by stock exchange rules or through law or enforceable means), which impose requirements to ensure adequate transparency of beneficial ownership;
(b)
public administrations or enterprises;
(c)
customers that are resident in geographical areas of lower risk as set out in point (3);
(2)
Product, service, transaction or delivery channel risk factors:
(a)
life insurance policies for which the premium is low;
(b)
insurance policies for pension schemes if there is no early surrender option 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)
financial products or services that provide appropriately defined and limited services to certain types of customers, so as to increase access for financial inclusion purposes;
(e)
products where the risks of money laundering and terrorist financing are managed by other factors such as purse limits or transparency of ownership (e.g. certain types of electronic money);
(3)
Geographical risk factors — registration, establishment, residence in:
(a)
Member States;
(b)
third countries having effective AML/CFT systems;
(c)
third countries identified by credible sources as having a low level of corruption or other criminal activity;
(d)
third countries which, on the basis of credible sources such as mutual evaluations, detailed assessment reports or published follow-up reports, have requirements to combat money laundering and terrorist financing consistent with the revised FATF Recommendations and effectively implement those requirements.
ANNEX III
Higher risk factors
The following is a non-exhaustive list of factors and types of evidence of potentially higher risk referred to in Article 20:
(1)
Customer risk factors:
(a)
the business relationship or occasional transaction is conducted in unusual circumstances;
(b)
customers that are resident in geographical areas of higher risk as set out in point (3);
(c)
legal persons or legal arrangements that are personal asset-holding vehicles;
(d)
corporate entities that have nominee shareholders or shares in bearer form;
(e)
businesses that are cash-intensive;
(f)
the ownership structure of the company appears unusual or excessively complex given the nature of the company's business;
(g)
customer is a third-country national who applies for residence rights in a Member State in exchange of any kind of investment, including capital transfers, purchase or renting of property, investment in government bonds, investment in corporate entities, donation or endowment of an activity contributing to the public good and contributions to the state budget;
(h)
customer is a legal entity or arrangement created or set up in a jurisdiction in which it has no real economic activity, substantial economic presence or apparent economic rationale;
(i)
customer is directly or indirectly owned by one or several entities or arrangements under point (h);
(2)
Product, service, transaction or delivery channel risk factors:
(a)
private banking;
(b)
products or transactions that might favour anonymity;
(c)
payment received from unknown or unassociated third parties;
(d)
new products and new business practices, including new delivery mechanism, and the use of new or developing technologies for both new and pre-existing products;
(e)
transactions related to oil, arms, precious metals or stones, tobacco products, cultural artefacts and other items of archaeological, historical, cultural and religious importance, or of rare scientific value, as well as ivory and protected species;
(3)
Geographical risk factors:
(a)
third countries subject to increased monitoring or otherwise identified by the FATF due to the compliance weaknesses in their AML/CFT systems;
(b)
third countries identified by credible sources / acknowledged processes, such as mutual evaluations, detailed assessment reports or published follow-up reports, as not having effective AML/CFT systems;
(c)
third countries identified by credible sources / acknowledged processes as having significant levels of corruption or other criminal activity;
(d)
third countries subject to sanctions, embargos or similar measures issued by, for example, the Union or the UN;
(e)
third countries providing funding or support for terrorist activities, or that have designated terrorist organisations operating within their country;
(f)
third countries identified by credible sources or pursuant to acknowledged processes as enabling financial secrecy by:
(i)
posing barriers to the cooperation and exchange of information with other jurisdictions;
(ii)
having strict corporate or banking secrecy laws which prevent institutions and their employees from providing customer information to competent authorities, including through fines and penalties;
(iii)
having weak controls for the creation of legal entities or setting up of legal arrangements; or
(iv)
not requiring beneficial ownership information to be recorded or held in a central database or register.
ANNEX IV
List of high value goods referred to in Article 2(1), point (54):
(1)
Jewellery, gold- or silversmith articles of a value exceeding EUR 10 000 or the equivalent in national currency;
(2)
Clocks and watches of a value exceeding EUR 10 000 or the equivalent in national currency;
(3)
Motor vehicles of a price exceeding EUR 250 000 or the equivalent in national currency;
(4)
Aircraft of a price exceeding EUR 7 500 000 or the equivalent in national currency;
(5)
Watercraft of a price exceeding EUR 7 500 000 or the equivalent in national currency.
ANNEX V
Precious metals referred to in Article 2(1), point (55):
(a)
Gold
(b)
Silver
(c)
Platinium
(d)
Iridium
(e)
Osmium
(f)
Palladium
(g)
Rhodium
(h)
Rhutenium.
Precious stones referred to in Article 2(1), point (55):
(a)
Diamond
(b)
Ruby
(c)
Sapphire
(d)
Emerald.
ANNEX VI
Correlation table
This Regulation
—
—
—
—
—
Article 2(1), point (1)
—
Article 2(1), point (1)
—
Article 2(1), point (2)
—
Article 2(1), points (1) and (2)
—
—
—
—
—
—
—
—
—
Article 3, point (1)
—
Article 2(1), point (5)
Article 3, point (2)
—
Article 2(1), point (6)
Article 3, point (3)
—
Article 2(1), point (4)
Article 3, point (4)
—
Article 2(1), point (3)
Article 3, point (5)
—
Article 2(1), point (47)
Article 3, point (6)
—
Article 2(1), point (28)
Article 3, point (6) (a)
—
Articles 51 to 55
Article 3, point (6) (b)
—
Article 3, point (6) (c)
—
Article 3, point (7)
—
Article 2(1), point (11)
Article 3, point (8)
—
Article 2(1), point (22)
Article 3, point (9)
—
Article 2(1), point (34) and Article 2(2)
Article 3, point (10)
—
Article 2(1), point (35) and Article 2(5)
Article 3, point (11)
—
Article 2(1), point (36)
Article 3, point (12)
—
Article 2(1), point (40)
Article 3, point (13)
—
Article 2(1), point (19)
Article 3, point (14)
—
Article 2(1), point (12)
Article 3, point (15)
—
Article 2(1), point (41)
Article 3, point (16)
—
Article 2(1), point (17)
Article 3, point (17)
—
Article 2(1), point (23)
Article 3, point (18)
—
Article 2(1), point (7)
Article 3, point (19)
—
—
—
—
—
—
—
—
—
Article 10(2) and (3)
—
—
—
Article 9(2) and (3)
—
—
—
—
Article 19(1), (2) and (5)
—
Article 19(7) and Article 79(2)
—
—
—
—
—
—
—
Article 23(1) and (4)
—
—
—
Article 21(1) and (2)
—
Article 26(2) and (3)
—
Article 20(2), second subparagraph and Article 33
—
—
—
—
Article 34(1) and (8)
—
—
—
—
Article 18a(1)
—
Article 18a(2)
—
Article 29(5) and (6) and Article 35, point (a)
Article 18a(3)
—
Article 29(5) and (6) and Article 35, point (b)
Article 18a(4)
—
—
Article 18a(5)
—
—
—
Article 9(2), Article 20(1) and Article 42(1)
Article 20, point (a)
—
Article 9(2), point (a)(iii) and Article 20(1), point (g)
Article 20, point (b)
—
Article 20a
—
—
—
—
—
—
—
—
—
—
—
—
Article 63(1), (2), second subparagraph and (4) and Article 68
—
—
Article 10(7) and (10)
Article 30(5), first subparagraph
—
Article 30(5), second subparagraph
—
Article 30(5), third subparagraph
—
—
Article 30(5a)
Article 11(4) and Article 13(12)
—
Article 11(1), (2) and (3)
—
—
—
—
Article 10(19) and (20)
—
—
Articles 58, Article 64(1) and Article 68
—
—
Article 31(3a)
Article 10(1), (2) and (3)
Article 31(4), first subparagraph
—
Article 31(4), second subparagraph
—
Article 31(4), third subparagraph
—
—
Article 31(4), fourth subparagraph
—
Article 31(4a)
Article 11(4) and Article 13(12)
—
Article 10(7) and (10)
—
—
Article 31(7a)
—
Article 10(19) and (20)
—
—
Article 31a
—
—
—
Article 19(2), (3), first subparagraph, (4) and (5)
—
Articles 21(1) and Article 22(1), first subparagraph
—
Article 22(1), second subparagraph
—
—
—
Article 19(3), second subparagraph
—
—
Article 32a(1)
—
Article 32a(2)
—
Article 32a(3)
—
Article 32a(4)
—
Article 32b
—
—
—
—
—
—
—
—
—
Article 11(2), fourth subparagraph, and (4), Article 14 and Article 69(7)
—
—
—
—
—
—
—
—
—
Article 9(3) and (6)
—
—
—
Article 8(3), (4) and (5)
—
—
—
—
—
—
—
—
—
—
Articles 12 and 15
—
—
—
Article 4(1) and (2)
—
—
—
—
Article 48(1a)
Article 37(5) and Article 62(1)
—
Article 37(2) and (6)
—
—
Article 37(1), first subparagraph, Article 46 and Article 54(4)
—
Article 46(2) and (3) and Article 47
—
—
—
—
—
—
—
—
Article 50a
—
—
—
—
—
—
—
Article 30(2) and (3)
—
—
Article 57a(1)
—
Article 57a(2)
—
Article 57a(3)
—
Article 57a(4)
Article 44, Article 46(1) and Article 47(1)
—
Article 57a(5)
—
Article 57b
—
—
Article 53(2) and (3)
—
—
—
—
—
—
Article 55(2) and Article 56(2) and (3)
—
—
—
Article 58(1), (2), first subparagraph and (3)
—
Article 58(2), third subparagraph
—
—
—
—
—
—
—
—
—
—
—
—
Article 64a
—
—
—
—
—
—
—
—
—
—
Annex I
—
Annex I
Annex II
—
Annex II
Annex III
—
Annex III
Annex IV
—
—
ELI: http://data.europa.eu/eli/reg/2024/1624/oj
ISSN 1977-0677 (electronic edition)