Article 4 Information accompanying transfers of funds

United Kingdom

The payment service provider of the payer shall ensure that transfers of funds are accompanied by the following information on the payer:

(a)

the name of the payer;

(b)

the payer's payment account number; and

(c)

the payer's address, official personal document number, customer identification number or date and place of birth.

The payment service provider of the payer shall ensure that transfers of funds are accompanied by the following information on the payee:

(a)

the name of the payee; and

(b)

the payee's payment account number.

By way of derogation from point (b) of paragraph 1 and point (b) of paragraph 2, in the case of a transfer not made from or to a payment account, the payment service provider of the payer shall ensure that the transfer of funds is accompanied by a unique transaction identifier rather than the payment account number(s).

Before transferring funds, the payment service provider of the payer shall verify the accuracy of the information referred to in paragraph 1 on the basis of documents, data or information obtained from a reliable and independent source.

Verification as referred to in paragraph 4 shall be deemed to have taken place where:

(a)

a payer's identity has been verified in accordance with F1regulation 28 of the 2017 Regulations and the information obtained pursuant to that verification has been stored in accordance with F2regulation 40 of those Regulations; or

(b)

F3regulation 27(8) of the 2017 Regulations applies to the payer.

Without prejudice to the derogations provided for in Articles 5 and 6, the payment service provider of the payer shall not execute any transfer of funds before ensuring full compliance with this Article.

Annotations

Textual amendments

F1: Words in Art. 4(5) substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 16(1)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in Art. 4(5) substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 16(1)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in Art. 4(5) substituted (31.12.2020) by The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 16(1)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)