AML - Regulation on information accompanying transfers of funds and certain crypto-assets
On June 9 2023, the European Union published the Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets and amending the Directive (EU) 2015/849.
This Regulation establishes guidelines regarding the information required during fund transfers in any currency. It also addresses the information needed during the transfer of crypto-assets. The primary objective is to prevent, detect, and investigate money laundering and terrorist financing. These rules apply when at least one of the payment service providers or crypto-asset service providers involved in the transfer is based in the European Union. Additionally, the Regulation includes provisions for internal policies, procedures, and controls to ensure the implementation of restrictive measures when any of the involved payment service providers or crypto-asset service providers are established in the Union.
The amendments to the Directive (EU) 2015/849 introduce several changes. These changes aim to address various aspects related to crypto-assets and strengthen anti-money laundering and counter-terrorist financing measures.
This Regulation became effective on June 29 2023. Its application shall commence on December 30 2024.