Consultation on common understanding of the obligations imposed by European Regulation 1781/2006 on the information on the payer accompanying funds transfers to payment service providers of payees  (3L3 AML CP)

Start Date: 26/03/2008 | Deadline: 26/06/2008

Today the three Level 3 Committees [the Committee of European Banking Supervisors (CEBS), the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions (CEIOPS)] - through the Anti Money Laundering Task Force (AMLTF) launch today their consultation on a common understanding in relation to the information on the payer of accompanying fund transfers to payment service providers of payees, arising out of the EU Regulation 1781/2006. Accordingly this paper, prepared by a joint 3L3 Anti Money Laundering Task Force, proposes some practical solutions in processing such messages, such as timeframes for seeking missing information, holding funds, reporting, and internal controls.

All interested parties are invited to send their comments by the 26th of June 2008.
During the consultation period a public hearing will be organized on the 6th of May 2008 at CEBS premises in London.