MLR1PP7350 - Penalties Guidance: Related breaches under EU Regulation 2015/847
Failing to keep records:
- Article 16 failure of a payment service provider of the payer, payee and an intermediary payment service provider to retain records for the required period
Failing to obtain, verify, or provide complete customer information:
- Article 4 failure of the payment service provider of the payer to provide complete information on the payer and payee accompanying transfers of funds
- Article 5 failure of the payment service provider of the payer in relation to information where the transfer of funds is within the EEA
- Article 6 failure of the payment service provider of the payer in relation to information where the transfer of funds to outside the EEA
Failures in relation to information accompanying transfer of funds:
- Article 7 failure of the payment service provider of the payee to implement procedures to detect missing information on the payer or the payee
- Article 8 failure of the payment service provider of the payee to implement effective risk based procedures to determine whether to execute, reject or suspend a transfer of funds with missing or incomplete information on the payer or the payee
- Article 9 failure of the payment service provider of the payee to take account of missing or incomplete information on the payer or payee as a factor in assessing and reporting suspicious transactions
- Article 10 failure of an intermediary payment service provider to ensure that information on the payer and the payee is retained with the transfer
- Article 11 failure of an intermediary payment service provider to implement effective procedures to detect whether the information on payer and payee is admissible and complete
- Article 12 failure of an intermediary payment service provider to establish effective risk based procedures to determine whether to execute, reject or suspend a transfer of funds with missing or incomplete information on the payer or the payee and to take appropriate follow up action
- Article 13 failure of an intermediary payment service provider to take account of missing or incomplete information on the payer or payee as a factor in assessing and reporting suspicious transactions
Failure in relation to request for information and data protection:
- Article 14 failure of a payment service provider of the payer, payee and an intermediary payment service provider to respond fully and without delay to enquiries from the authorities to requests for information
- Article 15 failure of a payment service provider of the payer, payee and an intermediary payment service provider to process data only for the purpose of the prevention of money laundering and terrorist financing