On 22 September 2017, the Joint Committee of the European Supervisory Authorities (ESAs) has published guidelines under Article 25 of the Wire Transfer Regulation on the measures payment service providers should take to detect missing or incomplete information on the payer or the payee, and the procedures they should put in place to manage a transfer of funds lacking the required information.
Essentially the guidelines set common regulatory expectations of payment service providers’ policies and procedures and pave the way for a more harmonised and effective, pan-European approach to anti-money laundering and the countering of terrorist financing in the funds transfer context. They also explain in practical terms what payment service providers should do to detect missing or incomplete information on the payer or the payee and what they should do when managing a transfer of funds that lacks the required information or receive transfers of funds from a payment service provider that repeatedly fails to provide the required information.
The Joint Committee of the ESAs has now updated its webpage on the guidelines, stating that they have been translated into the official languages of the EU.
Member State competent authorities (NCAs) must notify the respective ESA whether they comply or intend to comply with guidelines, or otherwise with reasons for non-compliance, by 16 March 2018. In the absence of a notification by this deadline, NCAs will be considered by the respective ESA to be non-compliant.
View Joint Guidelines to prevent terrorist financing and money laundering in electronic fund transfer, 16 January 2018