Article 7U.K.Detection of missing information on the payer or the payee
1.The payment service provider of the payee shall implement effective procedures to detect whether the fields relating to the information on the payer and the payee in the messaging or payment and settlement system used to effect the transfer of funds have been filled in using characters or inputs admissible in accordance with the conventions of that system.
2.The payment service provider of the payee shall implement effective procedures, including, where appropriate, ex-post monitoring or real-time monitoring, in order to detect whether the following information on the payer or the payee is missing:
(a)for transfers of funds where the payment service provider of the payer is established in the [F1United Kingdom or Gibraltar], the information referred to in Article 5;
(b)for transfers of funds where the payment service provider of the payer is established outside the [F1United Kingdom or Gibraltar], the information referred to in Article 4(1) and (2);
(c)for batch file transfers where the payment service provider of the payer is established outside the [F1United Kingdom or Gibraltar], the information referred to in Article 4(1) and (2) in respect of that batch file transfer.
3.In the case of transfers of funds exceeding EUR 1 000, whether those transfers are carried out in a single transaction or in several transactions which appear to be linked, before crediting the payee's payment account or making the funds available to the payee, the payment service provider of the payee shall verify the accuracy of the information on the payee referred to in paragraph 2 of this Article on the basis of documents, data or information obtained from a reliable and independent source, without prejudice to the requirements laid down in [F2regulations 52 and 53 of the Payment Services Regulations 2017].
4.In the case of transfers of funds not exceeding EUR 1 000 that do not appear to be linked to other transfers of funds which, together with the transfer in question, exceed EUR 1 000, the payment service provider of the payee need not verify the accuracy of the information on the payee, unless the payment service provider of the payee:
(a)effects the pay-out of the funds in cash or in anonymous electronic money; or
(b)has reasonable grounds for suspecting money laundering or terrorist financing.
5.Verification as referred to in paragraphs 3 and 4 shall be deemed to have taken place where:
(a)a payee's identity has been verified in accordance with [F3regulation 28 of the 2017 Regulations] and the information obtained pursuant to that verification has been stored in accordance with [F4regulation 40 of those Regulations]; or
(b)[F5regulation 27(8) of the 2017 Regulations] applies to the payee.
Textual Amendments
F1Words in Art. 7(2) 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(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in Art. 7(3) 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(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in Art. 7(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(4)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 7(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(4)(c)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in Art. 7(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(4)(c)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)