Transfer of Funds Regulation
Navigation log
Table of Contents
Chapter I – Subject matter, scope and definitions
Chapter II – Obligations on payment service providers
Chapter III – Obligations on crypto-asset service providers
Chapter IV – Common measures applicable by payment service providers and crypto-asset service providers
Chapter V – Information, data protection and record-retention
Chapter VI – Sanctions and monitoring
Chapter VII – Implementing powers
Chapter VIII – Derogations
Chapter IX – Other provisions
Chapter X – Final provisions
Recitals (65)
Annexes
Chapter III – Obligations on crypto-asset service providers
Article 16
Detection of missing information on the originator or the beneficiary
1. The crypto-asset service provider of the beneficiary shall implement effective procedures, including, where appropriate, monitoring after or during the transfers, in order to detect whether the information referred to in Article 14(1) and (2) on the originator and the beneficiary is included in, or follows, the transfer or batch file transfer of crypto-assets.
2. In the case of a transfer of crypto-assets made from a self-hosted address, the crypto-asset service provider of the beneficiary shall obtain and hold the information referred to in Article 14(1) and (2) and shall ensure that the transfer of crypto-assets can be individually identified.
Without prejudice to specific risk mitigating measures taken in accordance with Article 19b of Anti-Money Laundering Directive (AMLD), in the case of a transfer of an amount exceeding EUR 1 000 from a self-hosted address, the crypto-asset service provider of the beneficiary shall take adequate measures to assess whether that address is owned or controlled by the beneficiary.
3. Before making the crypto-assets available to the beneficiary, the crypto-asset service provider of the beneficiary shall verify the accuracy of the information on the beneficiary referred to in Article 14(2) on the basis of documents, data or information obtained from a reliable and independent source.
4. Verification as referred to in paragraphs 2 and 3 of this Article shall be deemed to have taken place where one of the following applies:
(a) the identity of the beneficiary has been verified in accordance with Article 13 of Anti-Money Laundering Directive (AMLD) and the information obtained pursuant to that verification has been retained in accordance with Article 40 of that Directive;
(b) Article 14(5) of Anti-Money Laundering Directive (AMLD) applies to the beneficiary.