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 33 U.K. [F1 Data protection, prevention of money laundering, administrative or restrictive measures and related issues]

[F2 1. Participants 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, 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 PM accounts. Participants shall also acquaint themselves with the [F3 TARGET2 network service provider’s] data retrieval policy prior to entering into the contractual relationship with the [F3 TARGET2 network service provider] .]

2. Participants 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 participant's participation in TARGET2-ECB.

[F4 3. [F5 Participants, 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 Article 75 or 215 of the Treaty on the Functioning of the European Union 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 participant that is a payer:

(i)

the participant 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; and

(ii)

[F3 the participant shall not enter any payment order for the transfer of funds to an account held by an entity different than the participant, 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 participant that is a payee, the participant 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 given to them in the applicable administrative or restrictive measures.]

Textual Amendments

F1 Substituted by Decision of the European Central Bank of 15 November 2011 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2011/19) (2011/749/EU).

F2 Substituted by Decision of the European Central Bank of 2 November 2010 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2010/19) (2010/673/EU).

F3 Substituted by Decision (EU) 2018/1625 of the European Central Bank of 8 October 2018 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2018/24).

F4 Inserted by Decision of the European Central Bank of 15 November 2011 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2011/19) (2011/749/EU).

F5 Substituted by Decision of the European Central Bank of 11 December 2012 amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2012/31) (2013/31/EU).