Guidlines on the application of the requirements of REGULATION (EU) 2015/847 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006

Regulation (EU) 2015/847 lays down rules on the information on payers and payees, accompanying transfers of funds, in any currency, for the purposes of preventing, detecting and investigating money laundering and terrorist financing, where at least one of the payment service providers involved in the transfer of funds is established in the Union:

1. for incoming foreign currency payments in favor of Banca Românească S.A. customers, the following information on the payer are required:

  • in the case of funds from the Union (including EEC: Switzerland, Lichtenstein, Norway, Iceland): the name of the payer and the payer's payment account number;
  • in the case of funds from outside the Union: the name of the payer, the payer's payment account number and the payer's address. The payer's address can be replaced by official personal document number, customer identification number or date and place of birth;

2. for foreign currency payments ordered by Banca Romaneasca SA customers, the information that must accompany the transfer of funds are:

  • regarding the payer: name, account number, address, official personal document number, client identification number or birthplace and date of birth for payments outside the Union (including EEC) or name and account number for payments inside the Union (including EEC);
  • regarding the beneficiary: the beneficiary's name and the beneficiary's payment account number.

The partial or total lack of mandatory information on the payer or payee will lead to further investigations in order to fully identification under the new requirements, or returns of funds(in the case of SEPA transfers) and non-processing of the foreign currency incoming payments on Banca Românească S.A. customers account.

Regulation (EU) 2015/847 lays down EU Member States may decide that the provisions apply only to transfer of funds over a certain amount (eg 1,000 euros), but Romania has not made a decision yet, so that the information about the payer and / or the beneficiary must accompany the transfer of funds, regardless of its value.