Dear Clients,

EU Regulation 2015/847 (based on FATF Recommendation XVI) was published in June 2015 is aimed at ensuring that original payer and beneficiary details are complete and carried through all banks in the payment processing chain. The implementation date of the regulation is 26 June 2017. This regulation applies to all transfers of funds sent or received by payment service providers established in EEA Member States.

(This is applicable to all clients making payments in the EEA specifically for MT103 message types and does not impact MT202 messages.)

Clients should send compliant messages by 23 June 2017, as sending non-compliant, inconsistent transactions could result in delays in processing or rejection. The instructions should include complete originator such as:

  • account number;
  • name;
  • address.

And beneficiary details such as:

  • account number;
  • name.

We request our Clients to take notice of the above and draw the attention of your Partners as well to how transactions must be formatted.