16 October 2008
The three Level 3 Committees [the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions (CEIOPS)] - through the 3L3 Anti Money Laundering Task Force (AMLTF) - publish today their common understanding in relation to the information on the payer of accompanying fund transfers to payment service providers of payees, arising out of the EU Regulation 1781/2006. The paper published today follows a consultation of three months which closed on 26 June 2008.
Following the recent implementation of this Regulation, there has been a high trend of incomplete incoming messages related to funds transfers, and in particular some Member States have noted a very high trend from key non-EU countries, including US and Switzerland. Incomplete messages raise difficulties in processing the transactions and make it difficult for Payment Service Providers to fulfil their Anti Money Laundering and Terrorist Finance obligations and to perform their due diligence as well. Accordingly the common understanding published today, proposes some practical solutions in processing such messages, including suggested procedures and policies in seeking complete information, reporting, and internal controls.
The AMLTF also publishes a feedback statement in response to comments received during its consultation process on this common understanding