Intermediary payment service providers must ensure that all the information received on the payer and the payee that accompanies a transfer of funds is retained with the transfer (Article 10).
The intermediary payment service provider must implement effective procedures (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 (Article (11(1)) 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 11(2) for more detail.
The intermediary payment service provider must under Article 12 establish effective risk-based procedures for determining whether to execute, reject or suspend a transfer of funds lacking the required payer and payee information and for taking the appropriate follow up action (Article 12.(1)).
Where the intermediary payment service provider becomes aware, when receiving transfers of funds, that the required information is missing or has not been filled in using the required characters or inputs) it must reject the transfer or ask for the required information on the payer and the payee before or after the transmission of the transfer of funds, on a risk-sensitive basis (Article 12(2)).
Where a payment service provider repeatedly fails to provide the required information on the payer or the payee, the intermediary payment service provider must take steps, which may initially include the issuing of warnings and setting of deadlines, before either rejecting any future transfers of funds from that payment service provider, or restricting or terminating its business relationship with that payment service provider.
The intermediary payment service provider 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 12(3)).