Council Regulation (EU) No 267/2012Show full title

Article 32

1. Credit and financial institutions shall, in their activities with entities referred to in paragraph 2 and in order to prevent infringements of the provisions of this Regulation, conduct enhanced vigilance as follows:

(a) exercise continuous vigilance over account activity, particularly through their programmes on customer due diligence;

(b) require that in payment instructions all information fields which relate to the originator and beneficiary of the transaction in question be completed and if that information is not supplied, refuse the transaction;

(c) maintain all records of transactions for a period of five years and make them available to national authorities on request;

(d) if they have reasonable grounds to suspect that activities with credit and financial institutions may be in breach of the provisions of this Regulation, report without delay their suspicions to the financial intelligence unit (FIU) or to another competent authority designated by the Member State concerned, without prejudice to Articles 5 and 23. The FIU or such other competent authority will serve as a national centre for receiving and analysing suspicious transaction reports regarding potential breaches of this Regulation. The FIU or such other competent authority shall have access, directly or indirectly, on a timely basis to the financial, administrative and law enforcement information that it requires to properly undertake this function, including the analysis of suspicious transaction reports.

2. The measures set out in paragraph 1 shall apply to credit and financial institutions in their activities with:

(a) bureaux de change, credit and financial institutions domiciled in Iran;

(b) branches and subsidiaries, where they fall within the scope of Article 49, of credit and financial institutions and bureaux de change domiciled in Iran;

(c) branches and subsidiaries, where they do not fall within the scope of Article 49, of credit and financial institutions and bureaux de change domiciled in Iran; and

(d) bureaux de change, credit and financial institutions that are not domiciled in Iran but are controlled by persons and entities domiciled in Iran.