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Text as of 30 Dec 2024 · Regulation (EU) 2023/1113, OJ L 150, 9.6.2023 · Same wording as today’s text.Today’s text

Article 17 — Transfers of crypto-assets with missing or incomplete information on the originator or the beneficiary

Financial crimeLevel 1RegulationToFRIn forceVerifiedOfficial source

17(1)

1.The crypto-asset service provider of the beneficiary shall implement effective risk-based procedures, including procedures based on the risk-sensitive basis referred to in Article 13 of Directive (EU) 2015/849, for determining whether to execute, reject, return or suspend a transfer of crypto-assets lacking the required complete information on the originator and the beneficiary and for taking the appropriate follow-up action.

Where the crypto-asset service provider of the beneficiary becomes aware that the information referred to in Article 14(1) or (2), or in Article 15, is missing or incomplete, that crypto-asset service provider shall, on a risk-sensitive basis and without undue delay:

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17(1)(a)
(a)reject the transfer or return the transferred crypto-assets to the originator’s crypto-asset account; or
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17(1)(b)
(b)request the required information on the originator and the beneficiary before making the crypto-assets available to the beneficiary.
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17(2)

2.Where a crypto-asset service provider repeatedly fails to provide the required information on the originator or the beneficiary, the crypto-asset service provider of the beneficiary shall:

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17(2)(a)
(a)take steps, which may initially include the issuing of warnings and setting of deadlines, before proceeding to a rejection, restriction or termination in accordance with point (b) if the required information is still not provided; or
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17(2)(b)
(b)directly reject any future transfers of crypto-assets to or from, or restrict or terminate its business relationship with, that crypto-asset service provider.
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The crypto-asset service provider of the beneficiary shall report that failure, and the steps taken, to the competent authority responsible for monitoring compliance with anti-money laundering and counter-terrorist financing provisions.