The EU Regulation 2015/847 (based on FATF Recommendation XVI) (the "Regulation") was published in June 2015 with an implementation date of 26th June 2017. The Regulation is aimed at ensuring that original payer and beneficiary details are complete and carried through all the banks in the payment processing chain. This Regulation applies to all transfers of funds sent or received by payment service providers (including intermediary payment service providers) established in EEA Member States.
For Payer Details corporate clients do not need to include this detail every time, Citi will populate this information based on actual payer account details we hold. For Receiver or Beneficiary Details you need to ensure that your instruction to Citi contains complete beneficiary details (Account Number and Name) and has admissible characters as per relevant formatting rules. This regulation will also be applicable to incoming transfer that you receive in accounts held in Citi branches within EU / EEA. Your payers will need to ensure that their Payment Service Providers are also compliant with this regulation to ensure there is no delay in your incoming transactions.
Please note that you need to ensure that your institution is sending compliant messages by June 26th 2017. This also holds true if the remitting bank is operating in a non-EU /EEA country, as the Regulation applies to all transfer of funds being received within the EU / EEA zone.
As a reminder, please ensure that you adhere to the following payment formatting standards required to transmit payments through WorldLink as defined in WorldLink's Informational Portal ("Portal"). If you do not have access to the Portal, please contact your CitiService Representative.
Payer Details: If you do not supply your own payer details when you instruct an outgoing transaction, Citi will populate this information in Payer field based on your actual WorldLink account profile details. If you do supply the Payer details, you are required to include the Originator Account Number, Name and Full Address.
Beneficiary Details: Beneficiary Account and Beneficiary Name are the minimum requirements for all WorldLink Payments. Some countries require additional information to accept payments, which includes but is not limited to, the "purpose of payment", beneficiary address, beneficiary phone number and/or beneficiary national identifier. Please refer to local country requirements in the Portal.For any further question please reach out to your customer service representative or relationship contact.