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Obligations of the Originator's CASP
Information Accompanying Transfers:
It shall ensure that all transfers of funds are accompanied by the information on the originator and beneficiary.
Verification of Information:
It shall verify the accuracy of the originator's information before the transfer. This can be done by using documents, data, or information from a reliable and independent source. If the originator's identity has been verified according to Directive (EU) 2015/849, no additional verification is required.
Transfers within the EU:
For transfers within the EU where all CASPs involved are in the EU, the CASP of the originator needs only to provide the payment account numbers of the originator and beneficiary (or a unique transaction identifier), unless otherwise requested.
Transfers to outside the EU:
In the case of a batch file transfer from a single originator where the CASPs of the beneficiaries are established outside the EU, the obligation to provide information on the originator shall not apply to the individual transfers bundled together therein, provided that the batch file contains the information on the originator and beneficiary, that that information has been verified, and that the individual transfers carry the payment account number of the originator or, where applicable, the unique transaction identifier.
By way of derogation from the obligation to provide information on the originator, and, where applicable, without prejudice to the information required in accordance with Regulation (EU) No 260/2012, where the CASP of the originator is established outside the EU, 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, shall be accompanied by at least:
- (a) the names of the originator and of the beneficiary; and
- (b) the payment account numbers of the originaotr and of the beneficiary or, where applicable, the unique transaction identifier.
By way of derogation, the CASP of the originator need not verify the information on the originator unless the CASP of the originator:
- (a) has received the funds to be transferred in cash or in anonymous electronic money; or
- (b) has reasonable grounds for suspecting money laundering or terrorist financing.
Obligations of the Beneficiary's CASP
Detection of Missing or Incomplete Information:
The beneficiary's CASP must implement effective procedures to ensure that information fields related to the originator and beneficiary in payment systems are correctly filled using admissible characters according to system conventions. They should detect missing information through appropriate procedures, including ex-post or real-time monitoring where necessary.
Verification of Information:
For transfers exceeding EUR 1,000, whether in single or linked transactions, the beneficiary's CASP must verify the accuracy of the beneficiary's information using reliable and independent sources before crediting the account or making funds available, in compliance with Articles 69 and 70 of Directive 2007/64/EC.
For transfers not exceeding EUR 1,000 that are not linked to others surpassing that amount, the CASP is not required to verify the beneficiary's information unless:
- (a) The funds are paid out in cash or anonymous electronic money; or
- (b) There are reasonable grounds to suspect money laundering or terrorist financing.
Transfers with Missing Information:
The beneficiary's CASP must implement risk-based procedures to decide whether to execute, reject, or suspend transfers that lack complete originator and beneficiary information, and take appropriate follow-up actions.
If the beneficiary's CASP detects missing, incomplete, or improperly formatted originator or beneficiary information upon receiving a transfer, it should, on a risk-sensitive basis, either reject the transfer or request the necessary information before or after crediting the beneficiary's account.
If a CASP repeatedly fails to provide the required information, the beneficiary's CASP should issue warnings and set deadlines, and may ultimately reject future transfers or terminate the business relationship with that CASP.
The beneficiary's CASP must report such failures and the actions taken to the competent authority responsible for monitoring AML/CTF compliance.
Handling Suspicious Transactions:
Missing or incomplete information on the originator or beneficiary must be factored into the CASP's risk assessment for suspicious transactions and whether such transfers should be reported to the Financial Intelligence Unit.
Obligations of the Intermediary CASP
ICASPs shall ensure that all originator and beneficiary information accompanying a transfer of funds is retained. Effective procedures shall be in place to detect whether the information fields have been correctly completed in accordance with the messaging system's conventions. Monitoring, either real-time or ex-post, should be implemented to identify missing information.
ICASPs shall also establish risk-based procedures to determine whether to execute, reject, or suspend transfers with incomplete information. If a CASP repeatedly fails to provide the required information, the ICASP must take appropriate actions, such as issuing warnings or terminating the business relationship, and report the failure to the relevant authority. Missing information should be factored into the ICASP's assessment of whether a transaction is suspicious and whether it should be reported to the FIU, as per Directive (EU) 2015/849.
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