Transfer of Funds Regulation
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Table of Contents
Chapter I – Subject matter, scope and definitions
Chapter II – Obligations on payment service providers
Chapter III – Obligations on crypto-asset service providers
Chapter IV – Common measures applicable by payment service providers and crypto-asset service providers
Chapter V – Information, data protection and record-retention
Chapter VI – Sanctions and monitoring
Chapter VII – Implementing powers
Chapter VIII – Derogations
Chapter IX – Other provisions
Chapter X – Final provisions
Recitals (65)
Annexes
Chapter II – Obligations on payment service providers
Article 7
Detection of missing information on the payer or the payee
1. The payment service provider of the payee shall implement effective procedures to detect whether the fields relating to the information on the payer and the payee in the messaging or payment and settlement system used to effect the transfer of funds have been filled in using characters or inputs admissible in accordance with the conventions of that system.
2. The payment service provider of the payee shall implement effective procedures, including, where appropriate, monitoring after or during the transfers, in order to detect whether the following information on the payer or the payee is missing:
(a) for transfers of funds where the payment service provider of the payer is established in the Union, the information referred to in Article 5;
(b) for transfers of funds where the payment service provider of the payer is established outside the Union, the information referred to in Article 4(1), points (a), (b) and (c), and Article 4(2), points (a) and (b);
(c) for batch file transfers where the payment service provider of the payer is established outside the Union, the information referred to in Article 4(1), points (a), (b) and (c), and Article 4(2), points (a) and (b), in respect of that batch file transfer.
3. In the case of transfers of funds exceeding EUR 1 000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, before crediting the payee’s payment account or making the funds available to the payee, the payment service provider of the payee shall verify the accuracy of the information on the payee referred to in paragraph 2 of this Article on the basis of documents, data or information obtained from a reliable and independent source, without prejudice to the requirements laid down in Articles 83 and 84 of Payment Services Directive (PSD2).
4. In the case of transfers of funds not exceeding EUR 1 000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1 000, the payment service provider of the payee need not verify the accuracy of the information on the payee, unless the payment service provider of the payee:
(a) effects the pay-out of the funds in cash or in anonymous electronic money; or
(b) has reasonable grounds for suspecting money laundering or terrorist financing.
5. Verification as referred to in paragraphs 3 and 4 of this Article shall be deemed to have taken place where one of the following applies:
(a) the identity of the payee has been verified in accordance with Article 13 of Anti-Money Laundering Directive (AMLD) and the information obtained pursuant to that verification has been retained in accordance with Article 40 of that Directive;
(b) Article 14(5) of Anti-Money Laundering Directive (AMLD) applies to the payee.