Regulatory Alerts2024-06-26
Regulation on Information Accompanying Transfers of Funds
The Central Bank of Kosovo has issued a regulation mandating that licensed payment service providers ensure specific payer and payee information accompanies all fund transfers to combat money laundering and terrorist financing. The rules require originators to verify and transmit details such as names, account numbers, and unique transaction identifiers, while destination providers must detect missing data, verify amounts over 1,000 euros, and apply risk-based measures to execute or reject transfers. Applying to domestic and cross-border transactions in any currency, the regulation establishes standardized data retention, intermediary obligations, and strict compliance protocols for financial institutions operating within Kosovo.
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