Transfer of Funds Regulation
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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 VI – Sanctions and monitoring
Article 29
Specific provisions
Member States shall ensure that their administrative sanctions and measures include at least those laid down in Article 59(2) and (3) of Anti-Money Laundering Directive (AMLD) in the event of the following breaches of this Regulation:
(a) repeated or systematic failure by a payment service provider to accompany the transfer of funds with the required information on the payer or the payee, in breach of Article 4, 5 or 6, or by a crypto-asset service provider to accompany the transfer of crypto-assets with the required information on the originator and beneficiary, in breach of Article 14 or 15;
(b) repeated, systematic or serious failure by a payment service provider or crypto-asset service provider to retain records, in breach of Article 26;
(c) failure by a payment service provider to implement effective risk-based procedures, in breach of Article 8 or 12, or by a crypto-asset service provider to implement effective risk-based procedures, in breach of Article 17;
(d) serious failure by an intermediary payment service provider to comply with Article 11 or 12 or by an intermediary crypto-asset service provider to comply with Article 19, 20 or 21.
Related Recitals