EU regulation - Funds transfer

REGULATION (EU) 2015/847 - Funds Transfer Regulation

 

REGULATION (EU) 2015/847

On 26 June 2015, Regulation (EU) 2015/847 on information accompanying transfers of funds entered into force and is applicable from 26 June 2017. This Funds Transfer Regulation lays down rules on the information on payers and payees for the purposes of preventing, detecting and investigating money laundering and terrorist financing.

Scope

The Regulation 2015/847 shall apply to transfers of funds, in any currency, which are sent or received by a payment service provider or an intermediary payment service provider established in the European Union, which are at least partially carried out by electronic means. Credit Transfers and Direct Debits are equally addressed.

Raiffeisenbank Austria d.d. as a payment service provider within the European Union – is obliged to verify if all incoming and outgoing as well as pass through transactions carry complete information on the payer and the payee. In addition, all incoming payments aimed to credit an account at Raiffeisenbank Austria d.d. must be verified in terms of accuracy of the information on the payee.

Consequently, all payment transactions as of 26 June 2017 – in any currency – must include the following information1:

Payer:
Account Number or IBAN (or unique transaction identifier [UTI2])
Name
Address3

Payee:
Account Number or IBAN (or unique transaction identifier [UTI2])
Name


According to the Funds Transfer Regulation the information on the payee is deemed to be complete if Account Number/IBAN and Name is provided. However, we recommend including the Address of the Payee, if available.
Furthermore, it is advisable to provide complete and meaningful remittance information in your outgoing payment transactions.

Implications of Non-Compliance or in case of incomplete information.

Payment transactions which do not comply with this regulatory guideline in terms of complete information on the payer and the payee may cause delays or rejections. This applies for all outgoing payments, where a third party bank is involved as well as incoming payments, where Raiffeisenbank Austria d.d. has to verify the information provided.

In order to guarantee a smooth processing of your payment transactions in the future, you are kindly requested to comply with this new EU Regulation.

1 For Payment transactions within EU/EEA the information on the payer and the payee deemed to be complete if Account Number or IBAN (or unique transaction identifier [UTI]) is provided. In case one of the payment service provider is located outside of EU/EEA, the full information on the payer and payee must be provided.
2 UTI: in case a payment transaction is not made from or to a payment account an unique transaction identifier can be used.
3 or official personal document number, customer identification number or date and place of birth.


 


 

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