AMLR, Article 59, SE

1. In the case of legal entities similar to express trusts under Article 57 or, with the exception of discretionary trusts, express trusts and similar legal arrangements under Article 58, where beneficiaries have yet to be determined, the class of beneficiaries and its general characteristics shall be identified. Beneficiaries within the class shall be beneficial owners as soon as they are identified or designated.

2. In the following cases, only the class of beneficiaries and its characteristics shall be identified:

(a)

pension schemes within the scope of Directive (EU) 2016/2341;

(b)

employee financial ownership or participation schemes, provided that Member States, following an appropriate risk assessment, have concluded a low risk of misuse for money laundering or terrorist financing;

(c)

legal entities similar to express trusts under Article 57, express trusts and similar legal arrangements under Article 58, provided that:

(i)

the legal entity, the express trust or similar legal arrangement is set up for a non-profit or charitable purpose; and

(ii)

following an appropriate risk assessment, Member States have concluded that the category of legal entity, express trust or similar legal arrangement is at a low risk of misuse for money laundering or terrorist financing.

3. Member State shall notify to the Commission the categories of legal entities, express trusts or similar legal arrangements under paragraph 2, together with a justification based on the specific risk assessment. The Commission shall communicate that notification to the other Member States.

Official source

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