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EBF Summary on Consultation on Common Understanding of Regulation (EC) 1781/2006

Core Content

The European Banking Federation (EBF) has responded to a consultation by CESR, CEBS, and CEIOPS regarding the common understanding of the obligations imposed by Regulation (EC) 1781/2006 on the information accompanying funds transfers to payment service providers (PSPs) of payees. The EBF emphasizes the importance of clarity and practicality in the implementation of the Regulation, particularly in the context of high-volume, automated payment systems.

Main Views and Key Points

General Comments

• Status of the Common Understanding: The EBF believes that the Common Understanding should not introduce new obligations beyond those in Regulation 1781/2006. It should serve as a clarification tool for regulators, not as an extension of the Regulation.
• High Volume and Automated Environment: The EBF supports the Regulation's objective of increasing transparency in electronic funds transfers but stresses that the obligations for PSPs must be realistic, practical, and cost-effective, especially in the context of large-scale automated processing.

Specific Comments

• Article 8 of the Regulation: The EBF does not support the idea of imposing a blanket obligation on all banks to filter out meaningless information at the time of processing. A risk-based approach, tailored to the specific activities and business models of PSPs, is preferred.
• Articles 9§1 and 10:
  • The current wording of the Regulation could be misinterpreted as requiring PSPs to reject transfers upon receiving incomplete information, which is not feasible.
  • The EBF suggests that the 7-day period for rectifying incomplete information should be a recommendation, not a mandatory requirement.
  • The EBF also believes that assessing the suspicious character of incomplete information is generally not efficient, and such assessments should not be an additional obligation beyond existing AML/CTF requirements.

Threshold and Legal Basis

• The EBF emphasizes the need for competent authorities to publish a list of countries that apply the €1,000 threshold for outgoing payments, along with the relevant legal basis for implementing FATF Recommendation 16 (SRVII).

Review of the Common Understanding

• The EBF recommends that the review of the Common Understanding should occur simultaneously with the review of the Regulation itself to avoid any inconsistencies or misunderstandings.

Answers to Consultation Questions

Questions 1 & 2: Procedures for PSPs in relation to following up requests for complete information

• The EBF believes that Option A introduces obligations beyond the current Regulation and is not advisable.
• It strongly supports Option B, which allows for a risk-based approach and provides necessary flexibility to PSPs.

Question 3: Identifying regularly failing PSPs

• The EBF generally agrees with criteria (a), (d), and (e) for identifying regularly failing PSPs.
• It also suggests that PSPs should be allowed to develop these criteria further based on a risk-based approach.

Question 4: Coordination mechanism for monitoring regularly failing PSPs

• The EBF agrees that a coordination mechanism is necessary to ensure proportionate sanctions against failing PSPs.
• It believes that while the industry should be involved in the coordination process, it should not be responsible for making decisions in the competitive arena.
• Any "blacklisting" of PSPs should be a decision made by supervisors, not by banks.

Conclusion

The EBF advocates for a balanced and practical approach in the interpretation and implementation of Regulation 1781/2006. It supports a risk-based framework that allows for flexibility and efficiency in the processing of electronic funds transfers, while ensuring compliance with AML/CTF requirements. The EBF also calls for transparency and clarity in the legal basis of the threshold for outgoing payments and emphasizes that the review of the Common Understanding should be aligned with the review of the Regulation itself.