Source: OJ L 150, 9.6.2023, pp. 1–39Current language: EN
- Anti-money laundering
Basic legislative acts
- Transfer of funds regulation (TFR)
Article 36 Guidelines
Summary What does Article 36 of the Transfer of funds regulation (TFR) say?
This article assigns EBA a central role in supporting the practical implementation of the regulation, tasking it with issuing multiple sets of guidelines directed at both competent authorities and the regulated entities themselves.
The guidelines cover a broad range of topics: how payment service providers and crypto-asset service providers should implement the core information-accompanying obligations set out elsewhere in the regulation, how the regulation applies to the specific context of direct debits and payment initiation service providers, and how competent authorities should conduct risk-based supervision of crypto-asset service providers.
EBA is also required to maintain an ongoing dialogue with stakeholders on the development of technical interoperable solutions.
Important points:
- EBA is required to issue guidelines covering implementation of the transfer of funds rules for payment service providers, and separately, guidelines for crypto-asset service providers by 30 June 2024.
- EBA is required to issue guidelines to competent authorities on how to apply a risk-based supervisory approach specifically to crypto-asset service providers.
- EBA is required to maintain a regular dialogue with stakeholders on technical interoperable solutions to facilitate compliance with the regulation.
Springlex's summary of the article, a reading aid, not a substitute for the legal text.
EBA shall issue guidelines addressed to the competent authorities and the payment service providers in accordance with Article 16 of Regulation (EU) No 1093/2010 on measures to be taken in accordance with this Regulation, in particular as regards the implementation of Articles 7, 8, 11 and 12 of this Regulation. By 30 June 2024, EBA shall issue guidelines addressed to the competent authorities and to the crypto-asset service providers on measures to be taken as regards the implementation of Articles 14 to 17 and Articles 19 to 22 of this Regulation.
EBA shall issue guidelines specifying technical aspects of the application of this Regulation to direct debits as well as the measures to be taken by payment initiation service providers, as defined in Article 4, point (18), of Directive (EU) 2015/2366, under this Regulation, taking into account their limited role in payment transactions.
EBA shall issue guidelines, addressed to competent authorities, on the characteristics of a risk-based approach to supervision of crypto-asset service providers and the steps to be taken when conducting such supervision.
EBA shall ensure a regular dialogue with stakeholders on the development of technical interoperable solutions with the view of facilitating the implementation of the requirements laid down in this Regulation.
Relevant recitals
Recital 17 High-risk anonymising crypto-asset products and EBA guidelines
Certain transfers of crypto-assets entail specific high-risk factors for money laundering, terrorist financing and other criminal activities, in particular transfers related to products, transactions or technologies designed to enhance anonymity, including privacy wallets, mixers or tumblers. To ensure the traceability of such transfers, the European Supervisory Authority (European Banking Authority), established by Regulation (EU) No 1093/2010 of the European Parliament and of the Council(13) (EBA), should clarify, in particular, how the risk factors listed in Annex III to Directive (EU) 2015/849 are to be taken into account by crypto-asset service providers, including when carrying out transactions with non-Union entities that are not regulated, registered or licensed in any third country, or with self-hosted addresses. Where situations of higher risk are identified, EBA should issue guidelines specifying the enhanced due diligence measures that obliged entities should consider applying to mitigate such risks, including the adoption of appropriate procedures such as the use of distributed ledger technology (DLT) analytic tools, to detect the origin or destination of crypto-assets.
Recital 51 EBA guidelines on detecting and following up on missing transfer information
With the aim of assisting payment service providers and crypto-asset service providers to put effective procedures in place to detect cases in which they receive transfers of funds or transfers of crypto-assets with missing or incomplete information on the payer, payee, originator or beneficiary and to take effective follow-up action, EBA should issue guidelines.
Springlex and this text is meant purely as a documentation tool and has no legal effect. No liability is assumed for its content. The authentic version of this act is the one published in the Official Journal of the European Union.
Definition
crypto-asset services
Definition
supervisor
Definition
self-hosted address
- a crypto-asset service provider;
- an entity not established in the Union and providing services similar to those of a crypto-asset service provider;
Definition
funds
Definition
originator
Definition
electronic money
Definition
crypto-asset account
Definition
crypto-asset
Definition
payment service provider
Definition
payment account
Definition
transfer of funds
- a credit transfer as defined in Article 4, point (24), of Directive (EU) 2015/2366;
- a direct debit as defined in Article 4, point (23), of Directive (EU) 2015/2366;
- a money remittance as defined in Article 4, point (22), of Directive (EU) 2015/2366, whether national or cross-border;
- a transfer carried out using a payment card, an electronic money instrument, a mobile phone or any other digital or IT prepaid or postpaid device with similar characteristics;
Definition
property
Definition
crypto-asset
Definition
competent authority
- a Financial Intelligence Unit (FIU);
- a supervisory authority;
- a public authority that has the function of investigating or prosecuting money laundering, its predicate offences or terrorist financing, or that has the function of tracing, seizing or freezing and confiscating criminal assets;
- a public authority with designated responsibilities for combating money laundering or terrorist financing;
Definition
terrorist financing
Definition
DLT
Definition
terrorist financing
Definition
distributed ledger technology
Definition
beneficiary
Definition
crypto-asset service provider
Definition
money laundering
Definition
transfer of crypto-assets
Definition
distributed ledger address
Definition
payee
Definition
self-regulatory body
Definition
third country
Definition
supervisory authority
Definition
payer
Definition
money laundering
Definition
criminal activity
Footnote 13