Article 1 Definitions

This is a draft act

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Summary What does Article 1 of the RTS on criteria for business relationships and occasional transactions say?

This is a short definitional article that introduces a single key term for the purposes of this Regulation.

It supplements the definitions already established in two related pieces of EU legislation — Regulation (EU) 2024/1624 and Directive (EU) 2024/1640 — by providing the specific meaning of "occasional transaction." The definition is foundational to the rest of the Regulation, as the distinction between an occasional transaction and a business relationship is central to how obliged entities determine their customer due diligence obligations.

Important points:

Understand that an "occasional transaction" is defined as a transaction, or a provision of services connected to a transaction, that is not carried out as part of a business relationship.
This definition builds on and must be read alongside the definitions in Regulation (EU) 2024/1624 and Directive (EU) 2024/1640, which it supplements rather than replaces.
The concept of a "business relationship" — which involves an element of repetition or duration — is the key reference point for understanding what an occasional transaction is not.

Springlex's summary of the article, a reading aid, not a substitute for the legal text.

For the purpose of this Regulation, in addition to the definitions set out in Article 2 of Regulation (EU) 2024/1624 and Article 2 of Directive (EU) 2024/1640, the following definition shall apply:
1. ‘occasional transaction’ means a transaction or a provision of services connected to a transaction that is not carried out as part of a business relationship.

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