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Can you summarize Consolidated text: EU 2015/847?
European Union - Consolidated Texts - Regulations > Consolidated text: Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006 (Text with EEA relevance)Text with EEA relevance (01/01/2020)
Short Summary
Regulation (EU) 2015/847 governs the information accompanying transfers of funds within the European Union. It applies to payment service providers of the payer and payee. The payment service provider of the payer must ensure that transfers of funds include the name, payment account number, and address or personal identification information of the payer. Similarly, the payment service provider of the payer must ensure that transfers of funds include the name and payment account number of the payee. However, in the case of transfers not made from or to a payment account, a unique transaction identifier may be used instead of the payment account number. The payment service provider of the payer must verify the accuracy of the payer’s information before transferring funds. The document also specifies the information that must be provided for transfers exceeding EUR 1,000 and transfers not exceeding EUR 1,000. The regulation does not specify any penalties for non-compliance.
Whom does it apply to?
Transfers of funds sent or received by payment service providers or intermediary payment service providers established in the European Union
What does it govern?
Information accompanying transfers of funds for the purposes of preventing, detecting, and investigating money laundering and terrorist financing
What are exemptions?
Certain services listed in Directive 2007/64/EC, transfers of funds made using specific payment instruments for paying for goods or services, certain activities related to converting paper documents or providing support systems for transmitting funds, or specific types of transfers such as cash withdrawals, payments to public authorities, transfers between payment service providers, or transfers made through cheque image exchanges. Additionally, a Member State may choose not to apply this Regulation to transfers of funds within its territory under certain conditions
What are the Penalties?
Specific penalties for non-compliance or violation of the provisions are not mentioned in the provided document
Jurisdiction
European Union