Article premier Objet

This is the foundational article of the regulation, setting out its core subject matter and purpose.

It establishes that the regulation governs two parallel tracks: the information requirements that must accompany transfers of funds, covering payers and payees, and the information requirements that must accompany transfers of crypto-assets, covering originators and beneficiaries.

Both tracks serve the same overarching goal of preventing, detecting, and investigating money laundering and terrorist financing.

The article also extends the regulation's reach to internal policies, procedures, and controls for implementing restrictive measures.

The trigger for the regulation's application is straightforward: at least one of the payment service providers or crypto-asset service providers involved in the transaction must be established or have its registered office in the Union.

Important points:

• Ensure that all transfers of funds are accompanied by the required information on payers and payees, and that all transfers of crypto-assets are accompanied by the required information on originators and beneficiaries.
• The regulation applies whenever at least one payment service provider or crypto-asset service provider involved in a transaction is established or registered in the Union.
• Maintain internal policies, procedures, and controls to ensure compliance with restrictive measures in the context of transfers of funds and crypto-assets.