Regulation 2023/1113 - Information accompanying transfers of funds and certain crypto-assets - Main contents
Please note
This page contains a limited version of this dossier in the EU Monitor.
Contents
official title
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| Legal instrument | Regulation |
|---|---|
| Number legal act | Regulation 2023/1113 |
| Original proposal | COM(2021)422  |
| CELEX number i | 32023R1113 |
| Document | 31-05-2023; Date of signature |
|---|---|
| Publication in Official Journal | 09-06-2023; OJ L 150 p. 1-39 |
| Signature | 31-05-2023 |
| Effect | 29-06-2023; Entry into force Date pub. +20 See Art 40 30-12-2024; Application See Art 40 |
| Deadline | 30-06-2024; See Art 36 01-07-2026; See Art 37.2 31-12-2026; See Art 33.2 30-06-2027; See Art 37.3 |
| End of validity | 09-07-2027; Partial end of validity Art. 38 Implicitly repealed by 32024L1640 31-12-9999 |
9.6.2023 |
EN |
Official Journal of the European Union |
L 150/1 |
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
(recast)
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 114 thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Having regard to the opinion of the European Central Bank (1),
Having regard to the opinion of the European Economic and Social Committee (2),
Acting in accordance with the ordinary legislative procedure (3),
Whereas:
(1) |
Regulation (EU) 2015/847 of the European Parliament and of the Council (4) has been substantially amended (5). Since further amendments are to be made, that Regulation should be recast in the interests of clarity. |
(2) |
Regulation (EU) 2015/847 was adopted to ensure that the Financial Action Task Force (FATF) requirements on wire transfer service providers, and in particular the obligation on payment service providers to accompany transfers of funds with information on the payer and the payee, were applied uniformly throughout the Union. The latest changes introduced in June 2019 in the FATF standards on new technologies, with the aim of regulating virtual assets and virtual asset service providers, have provided new and similar obligations for virtual asset service providers, with the purpose of facilitating the traceability of transfers of virtual assets. Further to those changes, virtual asset service providers are to accompany transfers of virtual assets with information on the originators and beneficiaries of those transfers. Virtual asset service providers are also required to obtain, hold and share that information with their counterpart on the other end of the virtual assets transfer and make it available on request to competent authorities. |
(3) |
Given that Regulation (EU) 2015/847 currently only applies to transfers of funds, that is to banknotes and coins, scriptural money, and electronic money as defined in Article 2, point 2, of Directive 2009/110/EC of the European Parliament and of the Council (6), it is appropriate to extend the scope of Regulation (EU) 2015/847 in order to also cover transfers of virtual assets. |
(4) |
Flows of illicit money through transfers of funds and virtual assets can damage the integrity, stability and reputation of the financial sector, and threaten the internal market of the Union as well as international development. Money laundering, terrorist financing and organised crime remain significant problems which should be addressed at Union level. The soundness, integrity and stability of the system of transfers of funds and virtual assets, and confidence in the financial system as a whole, could be seriously jeopardised by the efforts of criminals and their associates to disguise the origin of criminal proceeds or to transfer funds or virtual assets for criminal activities or terrorist purposes. |
(5) |
In order to facilitate their criminal activities, money launderers and financers of terrorism are likely to take advantage of the freedom of capital movements within the Union’s integrated financial area unless certain coordinating measures are adopted at Union level. International cooperation within the framework of FATF and the global implementation of its recommendations aim to prevent money laundering and terrorist financing while transferring funds or virtual assets. |
(6) |
By reason of the scale of the action to be undertaken, the Union should ensure that the International Standards on Combating... |
More
This text has been adopted from EUR-Lex.
This dossier is compiled each night drawing from aforementioned sources through automated processes. We have invested a great deal in optimising the programming underlying these processes. However, we cannot guarantee the sources we draw our information from nor the resulting dossier are without fault.
This page is also available in a full version containing the legal context, de Europese rechtsgrond, other dossiers related to the dossier at hand and the related cases of the European Court of Justice.
The full version is available for registered users of the EU Monitor by ANP and PDC Informatie Architectuur.
The EU Monitor enables its users to keep track of the European process of lawmaking, focusing on the relevant dossiers. It automatically signals developments in your chosen topics of interest. Apologies to unregistered users, we can no longer add new users.This service will discontinue in the near future.