+Article 5 Disclosure of information related to suspicious transactions
---+Article 5 1
---+Article 5 2
---+Article 5 3
---+Article 5 4

Article 5 Disclosure of information related to suspicious transactions

1. Overview

,
Article 5 1

1.   Where the third country's law prohibits or restricts the sharing of information referred to in Article 33(1) of Directive (EU) 2015/849 by branches and majority-owned subsidiaries established in the third country with other entities in their group, credit institutions and financial institutions shall at least:

(a)

inform the competent authority of the home Member State without undue delay and in any case no later than 28 days after identifying the third country of the following:

(i)

the name of the third country concerned;

(ii)

how the implementation of the third country's law prohibits or restricts the sharing or processing of the content of information referred to in Article 33(1) of Directive (EU) 2015/849 identified by a branch and majority-owned subsidiary established in a third country with other entities in their group;

(b)

require the branch or majority-owned subsidiary to provide relevant information to the credit institution's or financial institution's senior management so that it is able to assess the money laundering and terrorist financing risk associated with the operation of such a branch or majority-owned subsidiary and the impact this has on the group, such as:

(i)

the number of suspicious transactions reported within a set period;

(ii)

aggregated statistical data providing an overview of the circumstances that gave rise to suspicion.
Article 5 2

2.   Credit institutions and financial institutions shall take additional measures as well as their standard anti-money laundering and countering the financing of terrorism measures and the measures referred to in paragraph 1 to manage risk.

Those additional measures shall include one or more of the additional measures set out in points (a) to (c) and (g) to (i) of Article 8.
Article 5 3

3.   Where credit institutions and financial institutions cannot effectively manage the money laundering and terrorist financing risk by applying the measures referred to in paragraphs 1 and 2, they shall close down some or all of the operations provided by their branch and majority-owned subsidiary established in the third country.
Article 5 4

4.   Credit institutions and financial institutions shall determine the extent of the additional measures referred to in paragraphs 2 and 3 on a risk-sensitive basis and be able to demonstrate to their competent authority that the extent of additional measures is appropriate in view of the risk of money laundering and terrorist financing.

1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards
  • Builddate: 14.05.2019 00:00:00 -Doknr: CELEX:32019R0758
  • EULAW -

    EN: Legal acts of the European Union from EUR-Lex, https://eur-lex.europa.eu/. © European Union. Re-use is authorised by Decision 2011/833/EU, provided the source is acknowledged; the consolidated texts are licensed under CC BY 4.0 (EUR-Lex legal notice). Divided into sections and converted into the GRCA format, the wording unchanged. Only the legislation published in the Official Journal of the European Union is deemed authentic.

    DE: Rechtsakte der Europäischen Union aus EUR-Lex, https://eur-lex.europa.eu/. © Europäische Union. Weiterverwendung nach Beschluss 2011/833/EU mit Quellenangabe gestattet; die konsolidierten Fassungen stehen unter CC BY 4.0 (Rechtlicher Hinweis von EUR-Lex). In Abschnitte aufgeteilt und in das GRCA-Format umgewandelt, der Wortlaut unverändert. Verbindlich sind allein die im Amtsblatt der Europäischen Union veröffentlichten Rechtsakte.