- Having regard to the decision by the Board of directors of the Financial Intelligence Authority adopted on the 27th of October 2011,

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1 REGULATION No. 4 OF THE AUTHORITY OF FINANCIAL INFORMATION GOVERNING THE CONTENT OF THE DUTIES CONCERNING THE TRANSFER OF ASSETS ACCORDING TO ARTICLE 38, PARAGRAPH 4 OF ACT No. CXXVII OF THE 30TH OF DECEMBER The Chairman of the Financial Intelligence Authority - Having regard to the Vatican Act of the 30th of December 2010 No. CXXVII concerning the prevention and countering of the laundering of proceeds resulting from criminal activities and financing of terrorism, and in particular art. 33 paragraph 5, letter (a), and 34, paragraph 3, and 34, paragraph 3; - Having regard to the Apostolic Letter promulgated by His Holiness the Pope Benedict XVI on the 30th of December 2010 in the form of a Motu Proprio for the prevention and countering of illegal activities in the area of monetary and financial dealings; - Having regard to the decision by the Board of directors of the Financial Intelligence Authority adopted on the 27th of October 2011, ISSUES the following Regulation. Article 1 Object This Regulation establishes rules concerning the informative data accompanying the transfers of assets, in order to prevent, investigate and identify cases of money laundering and financing of terrorism. Article 2 Definitions Pursuant to this Regulation the following definitions shall apply: 1. payer is the natural or legal person who holds an account, authorising a transfer of assets from such account or, lacking an account, the natural or legal person who orders a transfer of assets; 2. payee is the natural or legal person who is the final beneficiary of the transferred assets; 3. payment service provider is the natural or legal person whose activities include the rendering of services of transfer of assets; 4. intermediary payment service provider is a payment service provider who does not operate on behalf of the payer nor of the payee, but takes part in the transfer of assets; 5. transfer of assets is a transaction carried out on behalf of an payer, by electronic means, by a payment service provider, in order to make assets available to the payee at a payment service provider; the payer and payee may be the same person; 6. batch file transfer is a set of single transfers of assets forwarded as an aggregate; 1

2 7. unique identifier is a combination of letters, numbers or symbols, determined by the payment service provider in conformity with the protocols of the payment and settlement system or messaging system used to carry out the transfer of assets. Article 3 Scope of application 1. This Regulation shall apply to transfers of funds in any currency, which are sent or received by a payment service provider established in the State. 2. This Regulation shall not apply to transfers of assets carried out by using credit or debit cards, provided that: a) the payee has established an agreement with the payment service provider, allowing the payment for the provision of goods and services; b) such transfers of assets are accompanied by a unique identifier, allowing the transaction to be traced back to the payer. 3. This Regulation does not apply to the case of transfers of assets carried out within the territory of the State on the account of a payee allowing the payment for the provision of goods and services, if the following conditions occur together: a) the payment service provider of the payee is subject to the obligations according to Act No. CXXVII of the 30th of December 2010; b) the payment service provider of the payee is in a position, by a unique identification number, to trace back to the payee the transfer of assets carried out by the natural or legal person who entered an agreement with the payee for the provision of goods and services; c) the amount of the transaction does not exceed 1,000 euro. 4. This Regulation shall not apply to transfers of assets: a) where the payer withdraws cash from his account; b) where debits between both parties are authorised, thus allowing to carry our payments by using accounts, provided that the transfer of assets is accompanied by a unique identifier allowing to go back to the natural or legal person; c) where truncated cheques are used; d) to public authorities for the payment of taxes, pecuniary sanctions or other levies; e) where the payer and the payee are both payment service providers acting on their own behalf. Article 4 Complete informative data concerning the payer 1. Complete informative data concerning the payer shall consist of his name and surname, address and account number. 2. The address may be replaced with the date and place of birth of the payer, his customer identification number or national identity number. 2

3 3. In case of lacking payer s account number, the payment service provider of the payer shall replace it with a unique identifier, so as to allow to trace back the transaction to its payer. Article 5 Informative data accompanying the transfer of assets and their recording 1. The payment service providers shall make sure that the transfers of assets are accompanied by complete informative data concerning the payer. 2. The payment service provider of the payer, before transferring the funds, shall verify the completeness of informative data concerning the payer on the basis of the documents, data or information obtained from a reliable and independent source. 3. In the case of transfer of assets from an account, said verification may be considered to have taken place, if the payer s identity has been verified in connection with the opening of the account and the informative data obtained through this verification have been stored in conformity with the obligations set out in articles 28, 29, 30, 31 and 32 of Act No. CXXVII of the 30th of December Without prejudice to the cases where a suspicion of money laundering or financing of terrorism subsists, in case of transfers of assets that are not made from an account, the payment service provider of the payer shall verify the informative data concerning the latter only for transfers of assets higher than euro 1,000, unless the transaction is carried out through several operations that appear to be linked together and on the whole exceed 1,000 euro. 5. The payment service provider of the payer shall keep for five years the records of complete informative data concerning the payer, which accompany the transfers of assets. Article 6 Transfers of assets involving states having equivalent legislative schemes 1. By way of derogation from article 5 paragraph 1, if the service provider of the payer and the payment service provider of the payee are both established inside the State or in States having equivalent legislations, the transfers of assets shall be accompanied only by the account number of the payer or a unique identifier allowing the transfer to be traced back to the payer. 2. However, upon request of the payment service provider of the payee, the payment service provider of the payer shall make available the complete informative data concerning the payer within three working days from the date of such request. Article 7 Transfers of assets involving states having no equivalent legislative schemes 1. If the payment service provider of the payee is established in States having no equivalent legislations, the transfers of assets shall be accompanied by the complete informative data of the payer. 2. In the case of batch file transfers from a single payer, if the payment service providers of the payee are established outside States having equivalent legislations, paragraph 1 shall not apply to individual transfers bundled therein, provided that the batch file contains such 3

4 informative data and the individual transfers carry the account number of the payer or a unique identifier. Article 8 Assessment of lacking informative data concerning the payer The payment service provider of the payee shall verify whether, in relation to the informative data concerning the payer, the boxes of the messaging or payment system used to carry out the transfer of assets have been completed with the characters or data admissible within the conventions governing such messaging, payment or settlement systems. Such provider shall prepare effective procedures to detect the possible lack of the following informative data concerning the payer: a) in case of transfers of assets, for which the payment service provider of the payer is established inside the State or in States having equivalent legislations, the informative data of the payer indicated in article 6; b) in case of transfer of assets for which the payment service provider of the payer is established outside the State or States having equivalent legislations, complete informative data concerning the payer as referred to in article 4 or, depending on the needs, the informative data indicated in article 13; c) in case of batch file transfers, if the payment service provider of the payer is established outside the State or States having equivalent legislations, the complete informative data concerning the payer referred to in article 4 only in batch file transfers, but not in the individual transfers bundled therein. Article 9 Transfers of funds where informative data concerning the payer are lacking or incomplete 1. If the payment service provider of the payee, when receiving transfers of assets, becomes aware that the informative data concerning the payer, foreseen by this Regulation, are lacking or incomplete, he shall reject the transfer or ask for complete informative data concerning the payer. In any case, the payment service provider of the payee shall comply with any applicable legal or administrative rules in matters of money laundering and financing of terrorism according to Act No. CXXVII of the 30th of December 2010 and relevant implementing measures. If a payment service provider systematically fails to supply the required informative data concerning the payer, the payment service provider of the payee established inside the State shall adopt provisions, which may initially comprise reproaches and warnings, before rejecting any further transfer of assets coming from that service provider or decide whether to limit or terminate his professional relationship with him. The payment service provider of the payee shall report that fact to the Financial Intelligence Authority. Article 10 Risk-based assessment 4

5 The payment service provider of the payee shall take into account the lacking or incomplete informative data concerning the payer as a factor to assess whether the transfer of assets, or any operation related to this, give rise to suspicion or, complying with the obligations provided for by Act No. CXXVII of the 30th December 2010, should be reported to the Financial Intelligence Authority. Article 11 Record keeping The payment service provider of the payee shall keep for 5 (five) years the records of all the informative data concerning the payer received by him. Article 12 Forwarding informative data related to the payer together with the transfer The intermediary payment service providers shall take care that all the informative data concerning the payer, received by them, accompanying a transfer of assets, are forwarded again together with that transfer. Article 13 Technical Limitations 1. This paragraph shall apply if the payment service provider of the payer is established in States having no equivalent legislations and the intermediary payment service provider is established inside the Vatican City State. 2. Unless the intermediary payment service provider becomes aware, when he receives a transfer of assets, that the informative data concerning the payer required under this Regulation are lacking or incomplete, to carry out transfers of assets in favour of the payment service provider of the payee, he may avail himself of payment systems subject to technical limitations preventing the forwarding of informative data concerning the payer together with the transfer of assets. 3. If an intermediary payment service provider, when receiving a transfer of assets, becomes aware that the informative data concerning the payer, required under this Regulation, are lacking or incomplete, he may avail himself of payment systems subject to technical limitations only if he is in a position to inform the payment service provider of the payee, or within a messaging or payment system that provides for this type of communication or by another procedure, provided that the communication modes are accepted, or agreed upon, by both payment service providers. 4. Should the intermediary payment service provider avail himself of a payment system subject to technical limitations, upon request by the payment service provider of the payee, he shall make available to the latter, within 3 (three) working days after receiving such request, all of the informative data concerning the payer received by him, whether they are complete or not. 5. In the cases referred to in subparagraphs 2 and 3, the intermediary payment service provider shall keep for 5 (five) years all the informative data received. Article 14 Obligations to co-operate 5

6 When the Financial Intelligence Authority addresses payment service providers for requests concerning informative data on the payer, that accompany transfers of assets and the relevant records, the payment service providers shall give exhaustive and prompt answers. Without prejudice to the criminal law of the Vatican City State and the protection of fundamental rights, the Financial Intelligence Authority shall avail itself of such informative data only for the purpose of preventing, investigating or identifying cases of money laundering or financing of terrorism. Article 15 Sanctions The Authority of Financial Information, pursuant to article 42 of Act No. CCXVII of the 30 th of December 2010, shall have the power to inflict pecuniary administrative sanctions on the addressees of an order in case of failure to adopt the measures needed to assure the punctual performance of the obligations foreseen by the regulation. Article 16 Final provisions This Regulation is published in the Supplement to Acta Apostolicae Sedis and shall enter into force on the same days of its publication. Vatican City. 14 th of November 2011 Attilio Card. Nicora Chairman 6