Payment service providers and electronic money issuers with a head office in an EU Member State can operate establishments like agents or distributors in other host Member States. Such establishments have to comply with the anti-money laundering and countering terrorist financing (AML/CFT) regime of the Member State in which they are based, even if they are not obliged entities themselves. Effective AML/CFT oversight of such establishments can, therefore, be difficult.
The ESAs' draft regulatory technical standards (RTS) set out the criteria Member States will consider when deciding whether foreign payment service providers and electronic money issuers should appoint a Central Contact Point (CCP), and list the functions this CCP should perform. The aim is to support the development of a CCP regime that is clear, proportionate and risk-based, and effectively supports the fight against money laundering and terrorist financing.
Responses to this consultation can be sent to the EBA by 5 May 2017. A public hearing will take place at the EBA premises on 21 April 2017 from 10:00 to 12:00 UK time.
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