Report on the application of Chapter IV of Regulation (EU) 2015/847 on information accompanying transfers of funds

Summary:

Report presented on 19 June 2019 by the European Commission on the implementation of the regulatory framework governing the fight against money laundering and terrorist financing.

Further information:

This report describes the state of play of the implementation by Member States of Chapter IV of Regulation (EU) 2015/847, focusing on important horizontal implementation issues common to several Member States. The report also provides an overview of sanctioning activities of different national supervisory authorities.

Background:

Regulation (EU) 2015/847 on information accompanying transfers of funds together with Directive (EU) 2015/849 on preventing the use of the financial system for money laundering or terrorist financing constitute a modernised regulatory framework to fight abuses of the financial market, ensuring its safety and integrity and promoting the highest standards for anti-money laundering and counter terrorist financing.

The key objective of the Regulation is to make fund transfers more transparent, thereby facilitating the prevention, detection and investigation of money laundering and terrorist financing. For this purpose, the Regulation imposes a set of obligations on payment service providers with regard to the information on payers and payees that has to accompany transfers of funds.

National supervisory authorities are, in turn, in charge of monitoring the compliance of payment service providers with the relevant provisions of the Regulation. This is regulated in Chapter IV of the Regulation that contains a set of provisions on sanctions and monitoring.