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CESR, CEBS, and CEIOPS issued a joint consultation paper that aims to reflect a common understanding to deal with payments that lack the required information in respect of EU Regulation 1781/2006 on the information on the payer accompanying funds transfers to payment service providers of payees.
This common understanding is based on the current functioning of payment, messaging and settlement systems and aims to ensure a level playing field between European payment service providers. This document aims to take into account the current level of compliance with the FATF Special Recommendation VII outside the EU, and the fact that funds transfers is a mass business. An annex describes some existing practices that our liaison with the financial services industry has identified. It outlines some measures that are currently being employed by payment services providers.
The Anti Money Laundering Task Force (“AMLTF”) was established in the second half of 2006 by CESR, CEBS and CEIOPS (the three Level 3 Committees, 3L3), with a view to providing a supervisory contribution in anti-money laundering (AML) and Counter Terrorism Finance issues, with a specific focus on the Third Anti-Money Laundering Directive.
Deadline for comments is