The Payee PSP under Article 7 must implement effective procedures to (i) to detect whether the fields relating to the payer and the payee in the messaging or payment and settlement system have been filled in using the proper characters or inputs and (ii) where appropriate, to ensure ex-post monitoring or real-time monitoring, in order to detect whether certain information on the payer or the payee is missing. See Article 7 for more detail.
The Payee PSP under Article 8 must implement effective risk-based procedures, for determining whether to execute, reject or suspend a transfer of funds lacking the required complete payer and payee information and for taking the appropriate follow-up action (Article 8(1)).
Where a payment service provider repeatedly fails to provide the required information on the payer or the payee, the Payee PSP must take steps, restricting or terminating its business relationship with that payment service provider. The Payee PSP must report that failure, and the steps taken, to the competent authority responsible for monitoring compliance with anti-money laundering and counter terrorist financing provisions (Article 8(2) and Article 8(3)).