The EACB welcomes the opportunity to contribute to the public consultation on Draft Guidelines of the Joint Committee of the three European Supervisory Authorities to prevent transfers of funds can be abused for money laundering (ML) and terrorist financing (TF). Regulation 2015/847/EU on the information accompanying transfers of funds is a cornerstone of the stability and reputation of the EU financial system. The free movement of capitals is a fundamental condition for the smooth functioning of the EU internal market that can be nevertheless abused by criminals. In this context, the development of appropriate Guidelines is crucial to support Payment Services Providers to deal with transfers of funds lacking the required information about the payee or the payer. The EACB believes that the Draft Guidelines released by the ESAs for Consultation should re-define the concept of ‘’linked transactions’’ to ensure a more workable approach to the exemptions applicable to the transfers of funds that do not exceed EUR 1000. Furthermore, the EACB considers that the possibility to choose between real time or ex-post monitoring should be also maintained for high-risk transfers of funds reaching a certain (high) value or where the payer or the payee are based in a country associated with high ML/TF risk.
9 June 2017
EACB Answer to EBA Consultation Paper on Draft Joint Guidelines under Article 25 of Regulation2015/847/EU