Anti-Money Laundering Regulation
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Table of Contents
Chapter I – General provisions
Chapter II – Internal policies, procedures and controls of obliged entities
Chapter III – Customer due diligence
Chapter IV – Beneficial ownership transparency
Chapter V – Reporting obligations
Chapter VI – Information sharing
Chapter VII – Data protection and record retention
Chapter VIII – Measures to mitigate risks deriving from anonymous instruments
Chapter IX – Final provisions
Recitals (175)
Annexes
Chapter V – Reporting obligations
Article 70
Specific provisions for reporting of suspicions by certain categories of obliged entities
1. By way of derogation from Article 69(1), Member States may allow obliged entities referred to in Article 3, point (3)(a) and (b), to transmit the information referred to in Article 69(1) to a self-regulatory body designated by the Member State.
The designated self-regulatory body shall forward the information referred to in the first subparagraph to the FIU promptly and unfiltered.
2. Notaries, lawyers, other independent legal professionals, auditors, external accountants and tax advisors shall be exempted from the requirements laid down in Article 69(1) to the extent that such exemption relates to information that they receive from, or obtain on a client, in the course of ascertaining the legal position of that client, or performing their task of defending or representing that client in, or concerning, judicial proceedings, including providing advice on instituting or avoiding such proceedings, regardless of whether such information is received or obtained before, during or after such proceedings.
The exemption set out in the first subparagraph shall not apply when the obliged entities referred to therein:
(a) take part in money laundering, its predicate offences or terrorist financing;
(b) provide legal advice for the purposes of money laundering, its predicate offences or terrorist financing; or
(c) know that the client is seeking legal advice for the purposes of money laundering, its predicate offences or terrorist financing; knowledge or purpose may be inferred from objective factual circumstances.
3. In addition to the situations referred to in paragraph 2, second subparagraph, where justified on the basis of the higher risks of money laundering, its predicate offences or terrorist financing associated with certain types of transactions, Member States may decide that the exemption referred to in paragraph 2, first subparagraph, does not apply to those types of transactions and, as appropriate, impose additional reporting obligations on the obliged entities referred to in that paragraph. Member States shall notify the Commission of any decision taken pursuant to this paragraph. The Commission shall communicate such decisions to the other Member States.