Commission Regulation on the Identity of the Payer Accompanying Transfers of Funds - ACT Response

We have not made any observations from the point of view of the banks and other payment service providers. Inevitably there will be costs attaching to the checking of account details at the payer and payee ends. We would be concerned if the procedures developed by the banks to police the new regulations become too bureaucratic as to an extent has happened with the anti money laundering requirements around new bank account opening processes.