# Decision of the European Central Bank of 24 July 2007 concerning the terms and conditions of TARGET2-ECB (ECB/2007/7) (2007/601/EC), Article 28: Data protection, prevention of money laundering, administrative or restrictive measures and related issues

Extent: E+W+S+N.I.

1. T2S DCA holders shall be deemed to be aware of, and shall comply with, all obligations on them relating to legislation on data protection, prevention of money laundering and the financing of terrorism, proliferation-sensitive nuclear activities and the development of nuclear weapons delivery systems, in particular in terms of implementing appropriate measures concerning any payments debited or credited on their T2S DCAs . Prior to entering into the contractual relationship with its T2S network service provider, T2S DCA holders shall acquaint themselves with its data retrieval policy.
2. T2S DCA holders shall be deemed to have authorised the ECB to obtain any information relating to them from any financial or supervisory authority or trade body, whether national or foreign, if such information is necessary for the T2S DCA holders' participation in TARGET2-ECB.
3. T2S DCA holders , when acting as the payment service provider of a payer or payee, shall comply with all requirements resulting from administrative or restrictive measures imposed pursuant to Articles 75 or 215 of the Treaty to which they are subject, including with respect to notification and/or the obtaining of consent from a competent authority in relation to the processing of transactions. In addition:
(a) when the ECB is the payment service provider of a T2S DCA holder that is a payer:
(i) the T2S DCA holder shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent;
(ii) the T2S DCA holder shall not enter any T2S DCA to PM liquidity transfer order or T2S DCA to T2S DCA liquidity transfer order, with the exception of such liquidity transfer orders between different accounts of the same T2S DCA holder, into TARGET2 until it has obtained confirmation from the ECB that the required notification has been made or the consent has been obtained by or on behalf of the payment service provider of the payee;
(b) when the ECB is a payment service provider of a T2S DCA holder that is a payee, the T2S DCA holder shall make the required notification or obtain consent on behalf of the central bank that is primarily required to make notification or obtain consent, and shall provide the ECB with evidence of having made a notification or having received consent.
For the purposes of this paragraph, the terms ‘ payment service provider ’ , ‘ payer ’ and ‘ payee ’ shall have the meanings ascribed to them in the applicable administrative or restrictive measures.

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Source: https://www.legislation.gov.uk/eudn/2007/7/annex/II/article/28 (the official version)
Page: https://openlegislation.uk/eu-decision-2007-7/annex-II/article-28
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.