EIOPA Guidelines

Full title: Joint Guidelines under Article 25 of Regulation (EU) 2015/847 on the measures payment service providers should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information

Subject matter and scope

1. These guidelines are addressed to:

a) payment service providers (PSPs) as defined in point (5) of Article 3 of Regulation (EU) 2015/847 where they act as the PSP of the payee, and intermediary payment service providers (IPSPs) as defined in point (6) of Article 3 of Regulation (EU) 2015/847; and

b) competent authorities responsible for supervising PSPs and IPSPs for compliance with their obligations under Regulation (EU) 2015/847.

2. These guidelines:

a) set out the factors PSPs and IPSPs should consider when establishing and implementing procedures to detect and manage transfers of funds that lack required information on the payer and/or the payee to ensure that these procedures are effective; and

b) specify what PSPs and IPSPs should do to manage the risk of money laundering (ML) or terrorist financing (TF) where the required information on the payer and/or the payee is missing or incomplete.

3. Competent authorities should use these guidelines when assessing the adequacy of the procedures and measures adopted by PSPs and IPSPs to comply with Articles 7, 8, 11 and 12 of Regulation (EU) 2015/847.

4. PSPs, IPSPs and competent authorities should also use these guidelines to ensure compliance with Articles 9 and 13 of Regulation (EU) 2015/847.

5. The factors and measures described in these guidelines are not exhaustive. PSPs and IPSPs should consider other factors and measures as appropriate.

6. These guidelines do not apply to restrictive measures imposed by regulations based on Article 215 of the Treaty on the Functioning of the European Union, such as Regulations (EC) No 2580/2001, (EC) No 881/2002 and (EU) No 356/2010 (‘the European sanctions regime').

Full title: Joint Guidelines under Articles 17 and 18(4) of Directive (EU) 2015/849 on simplified and enhanced customer due diligence and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing risk associated with individual business relationships and occasional transactions (The Risk Factors Guidelines)

These guidelines set out factors firms should consider when assessing the money laundering and terrorist financing (ML/TF) risk associated with a business relationship or occasional transaction. They also set out how firms should adjust the extent of their customer due diligence (CDD) measures in a way that is commensurate to the ML/TF risk they have identified.

These guidelines focus on risk assessments of individual business relationships and occasional transactions, but firms may use these guidelines mutatis mutandis when assessing ML/TF risk across their business in line with Article 8 of Directive (EU) 2015/849.

The factors and measures described in these guidelines are not exhaustive and firms should consider other factors and measures as appropriate.

These guidelines set out the characteristics of a risk-based approach to anti-money laundering and countering the financing of terrorism (AML/CFT) supervision and the steps competent authorities should take when conducting supervision on a risk-sensitive basis as required by Article 48(10) of Directive (EU) 2015/849.

These Guidelines are aimed at clarifying the procedural rules and the assessment criteria to be applied by competent authorities for the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector. These Guidelines apply to competent authorities in the prudential assessment of acquisitions or increases of qualifying holdings in target undertakings.