Regulation (EC) No 1781/2006 of the European Parliament and of the CouncilShow full title

Article 2 Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1)

‘terrorist financing’ means the provision or collection of funds within the meaning of Article 1(4) of Directive 2005/60/EC;

(2)

‘money laundering’ means any conduct which, when committed intentionally, is regarded as money laundering for the purposes of Article 1(2) or (3) of Directive 2005/60/EC;

(3)

‘payer’ means either a natural or legal person who holds an account and allows a transfer of funds from that account, or, where there is no account, a natural or legal person who places an order for a transfer of funds;

(4)

‘payee’ means a natural or legal person who is the intended final recipient of transferred funds;

(5)

‘payment service provider’ means a natural or legal person whose business includes the provision of transfer of funds services;

(6)

‘intermediary payment service provider’ means a payment service provider, neither of the payer nor of the payee, that participates in the execution of transfers of funds;

(7)

‘transfer of funds’ means any transaction carried out on behalf of a payer through a payment service provider by electronic means, with a view to making funds available to a payee at a payment service provider, irrespective of whether the payer and the payee are the same person;

(8)

‘batch file transfer’ means several individual transfers of funds which are bundled together for transmission;

(9)

‘unique identifier’ means a combination of letters, numbers or symbols, determined by the payment service provider, in accordance with the protocols of the payment and settlement system or messaging system used to effect the transfer of funds.