The draft RTS set out the criteria Member States must consider when deciding whether foreign payment service providers and electronic money issuers should appoint a CCP, and list the functions this CCP will have to have to discharge its role effectively.
Payment service providers and electronic money issuers with a head office in an EU Member State can provide services through establishments, for example agents or distributors, in other, host Member States. Such establishments have to comply with the AML/CFT regime of the host Member State, even if they are not obliged entities themselves. Effective AML/CFT oversight of such establishments can, therefore, be difficult.
In those situations, Directive (EU) 2015/849 envisages the appointment of CCPs. CCPs should be able to ensure compliance with applicable AML/CFT requirements, and facilitate supervision, by the host Member State's competent authority, of compliance with those requirements.
These RTS will foster a consistent approach, by Member States, to the Directive's CCP provisions and support the development of a CCP regime that is clear, proportionate and risk-based, and boosts the fight against money laundering and terrorist financing.
Press release
Final draft RTS
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