This page explains the steps FCA-regulated payment service providers (PSPs), including intermediary payment service providers (IPSPs), should take to meet the notification requirement specified in the Regulation (EU) 2015/847 on information accompanying transfers of funds.
This was transposed into UK law through the UK’s European Union (Withdrawal) Act 2018 and the UK’s Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019.
If a PSP has identified another PSP as repeatedly failing to provide required information (e.g. the payer’s name) a notification to the authorities should be made.
A PSP that is regulated by the FCA can fulfil the notification obligation by sending a notification to us at this email address: [email protected]
The notification should include:
a) the name of the PSP or IPSP identified as repeatedly failing to provide the required information;
b) the country in which the PSP or IPSP is authorised;
c) the nature of the breach, including:
i) the frequency of transfers of funds with missing information,
ii) the period of time during which the breaches were identified and
iii) any reasons the PSP or IPSP may have given to justify their repeated failure to provide the required information;
d) details of the steps the reporting PSP or IPSP has taken.
The material provided need only be a brief summary. A template for submission is provided on page 23 of the European Supervisory Authorities’ guidelines on measures PSPs can take to meet the Regulation’s requirements: a PSP or IPSP may choose to submit the information using that template.
This notification should be made without undue delay, and no later than three months after identifying the repeatedly failing PSP.