REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the application of Chapter IV of Regulation (EU) 2015/847 on information accompanying transfers of funds
1. The Fund Transfer Regulation (Regulation (EU) 2015/847) was proposed alongside the Fourth Anti-Money Laundering Directive (Directive (EU) 2015/849) to update the rules regarding information on payers and payees accompanying transfers of funds, in any currency, for the purposes of preventing, detecting and investigating money laundering and terrorist financing (ML/TF), where at least one of the payment service providers involved in the transfer of funds is established in the EU. The Regulation is already in force in the UK, with the 2017 Money Laundering Regulations transposing the relevant sections of the Regulation.
2. Chapter IV of the Regulation relates to sanctions and monitoring of breaches of the Regulation. Article 22(2) of this chapter requires the Commission to submit a report to the European Parliament and Council on Member States’ application of the chapter. This document is the report that the Commission has produced.
3. The report covers three topics: (i) the implementation of Chapter IV by Member States, (ii) horizontal issues that the Commission has identified as common to Member States’, (iii) an overview of sanctioning activities by national supervisory authorities.
4. The report concludes that implementation of Chapter IV by Member States is satisfactory overall. However, it does identify several common shortcomings in Member States’ national laws, namely: