TFR Article 38 — held text

TFR Article 38 — held text Article 38 Amendments to Directive (EU) 2015/849 Directive (EU) 2015/849 is amended as follows:

9.6.2023 (1) in Article 2(1), point (3), points (g) and (h) are deleted;

(2) Article 3 is amended as follows:

(a) in point (2), the following point is added: `(g) crypto-asset service providers;';

(b) point (8) is replaced by the following: `(8) `correspondent relationship' means:

(a) the provision of banking services by one bank as the correspondent to another bank as the respondent, including providing a current or other liability account and related services, such as cash management, international funds transfers, cheque clearing, payable-through accounts and foreign exchange services;

(b) the relationships between and among credit institutions and financial institutions, including where similar services are provided by a correspondent institution to a respondent institution, and including relationships established for securities transactions or funds transfers or relationships estab lished for transactions in crypto-assets or transfers of crypto-assets;';

(c) points 18 and 19 are replaced by the following: `(18) "crypto-asset" means a crypto-asset as defined in Article 3(1), point (5), of Regulation (EU) 2023/1114 of the European Parliament and of the Council (*), except where falling within the categories listed in Article 2(2), (3) and (4) of that Regulation or otherwise qualifying as funds;

(19) "crypto-asset service provider" means a crypto-asset service provider as defined in Article 3(1), point (15), of Regulation (EU) 2023/1114, where performing one or more crypto-asset services as defined in Article 3 (1), point (16), of that Regulation, with the exception of providing advice on crypto-assets as referred to in Article 3(1), point (16)(h), of that Regulation; ___________ (*) 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).';

9.6.2023 EN Official Journal of the European Union (d) the following point is added:

L 150/33 `(20) "self-hosted address" means a self-hosted address as defined in Article 3, point (20), of Regulation (EU) 2023/1113 of the European Parliament and of the Council (*). ___________ (*) 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).';

(3) in Article 18, the following paragraphs are added: `5.

By 30 December 2024, EBA shall issue guidelines on risk variables and risk factors to be taken into account by crypto-asset service providers when entering into business relationships or carrying out transactions in cryptoassets.

6.

EBA shall clarify, in particular, how the risk factors listed in Annex III shall be taken into account by cryptoasset service providers including when carrying out transactions with persons and entities which are not covered by this Directive.

To that end, EBA shall pay particular attention to products, transactions and technologies that have the potential to facilitate anonymity, such as privacy wallets, mixers or tumblers.

Where situations of higher risk are identified, the guidelines referred to in paragraph 5 shall include enhanced due diligence measures that obliged entities shall consider applying to mitigate such risks, including the adoption of appropriate procedures to detect the origin or destination of crypto-assets.';

(4) the following articles are inserted: `Article 19a 1.

Member States shall require crypto-asset service providers to identify and assess the risk of money laundering and terrorist financing associated with transfers of crypto-assets directed to or originating from a self-hosted address.

To that end, crypto-asset service providers shall have in place internal policies, procedures and controls.

Member States shall require crypto-asset service providers to apply mitigating measures commensurate with the risks identified.

Those mitigating measures shall include one or more of the following:

(a) taking risk-based measures to identify, and verify the identity of, the originator or beneficiary of a transfer made to or from a self-hosted address or the beneficial owner of such originator or beneficiary, including through reliance on third parties;

(b) requiring additional information on the origin and destination of the transferred crypto-assets;

(c) conducting enhanced ongoing monitoring of those transactions;

(d) any other measure to mitigate and manage the risks of money laundering and terrorist financing as well as the risk of non-implementation and evasion of targeted financial sanctions and proliferation financing-related targeted financial sanctions.

L 150/34 EN Official Journal of the European Union 9.6.2023 2.

By 30 December 2024, EBA shall issue guidelines to specify the measures referred to in this Article, including the criteria and means for identification and verification of the identity of the originator or beneficiary of a transfer made to or from a self-hosted address, in particular through reliance on third parties, taking into account the latest technological developments.

32023R1113

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