Source: OJ L 150, 9.6.2023, pp. 1–39

Article 1 Subject matter

Summary What does Article 1 of this regulation say?

This is the foundational article of the regulation, setting out its core subject matter and purpose.

It establishes that the regulation governs two parallel tracks: the information requirements that must accompany transfers of funds, covering payers and payees, and the information requirements that must accompany transfers of crypto-assets, covering originators and beneficiaries.

Both tracks serve the same overarching goal of preventing, detecting, and investigating money laundering and terrorist financing.

The article also extends the regulation's reach to internal policies, procedures, and controls for implementing restrictive measures.

The trigger for the regulation's application is straightforward: at least one of the payment service providers or crypto-asset service providers involved in the transaction must be established or have its registered office in the Union.

Important points:

Ensure that all transfers of funds are accompanied by the required information on payers and payees, and that all transfers of crypto-assets are accompanied by the required information on originators and beneficiaries.
The regulation applies whenever at least one payment service provider or crypto-asset service provider involved in a transaction is established or registered in the Union.
Maintain internal policies, procedures, and controls to ensure compliance with restrictive measures in the context of transfers of funds and crypto-assets.

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

This Regulation lays down rules on the information on payers and payees accompanying transfers of funds, in any currency, and on the information on originators and beneficiaries accompanying transfers of crypto-assets, for the purposes of preventing, detecting and investigating money laundering and terrorist financing, where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office, as applicable, in the Union. In addition, this Regulation lays down rules on internal policies, procedures and controls to ensure implementation of restrictive measures where at least one of the payment service providers or crypto-asset service providers involved in the transfer of funds or transfer of crypto-assets is established or has its registered office, as applicable, in the Union.

Table of contents

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